Toto Wolff is the richest team principal in F1 and became a billionaire soon after becoming one of the owners of Mercedes’ F1 team. However, 25 years back, he hardly had anything and yet had eyes for the top. Wolff had a unique eye for business and that is what took him where he is today. According to The New Yorker, he saw huge potential in a messaging company in his home country Austria, which he later purchased and sold for a whopping $275,000,000.
The company fascinated him so much that Wolff convinced the founder of the company, Markus Schwab to sell him half of the shares. He then agreed to bring in investors and raise money. But interestingly, through the agreement, Wolff also decided to part ways with his Porsche to lend it to Schwab.
Toto Wolff: university dropout, former racer, current team principal, and part-owner of the Mercedes F1 team is now a BILLIONAIRE.
The effect of Drive to Survive on the value of Formula 1 teams is wild. pic.twitter.com/Ptc2fp75a3
— Vincenzo Landino (@vincenzolandino) April 7, 2023
Later on, the 51-year-old acquired the rest of the shares for a sum of $22 million. This was done by the money he raised through investors. In the end, his act of purchasing the company ultimately became fruitful as the Austrian could then sell it for a massive profit percentage.
Toto Wolff’s first taste at massive success in business
Following the buyout, Wolff had control of the company for a few years, until he decided to sell it back in 2006. And finally after eight years, he went on to sell the company named SMS.AT and that too for a staggering $275 million.
As he sold the Austrian company for the huge amount, the now Mercedes boss became immensely rich. Even though he didn’t become a financial behemoth instantly, reports suggest that he did enough to climb up the ladder of riches.
Toto Wolff has officially reached billionaire status.
He owns 33% of the Mercedes Formula 1 team and acquired the equity stake at a significant discount.
The team now has more than 1,000 employees and brings in $450 million in annual revenue.
Here’s the fascinating story
pic.twitter.com/I7pFOQEdBy
— Joe Pompliano (@JoePompliano) April 11, 2023
Furthermore, it was not clear how much Wolff made after selling the company as there were multiple investors involved. But he amassed enough to allow himself to pursue his motorsport dream as he began fulfilling it with his first investment in Williams.
Wolff’s first investment in motorsport did not make him look back since
After Toto Wolff acquired a significant amount of money, he invested a huge chunk from them on his first love, motorsport. He invested in Williams F1 heavily in 2009. Soon after his investment, the 51-year-old became the executive director of the British team in 2012.
There was no looking back for Wolff from here on. He left Williams the following year to join Mercedes in the same role. And now he is the Chief Executive Officer as well as the team principal of the Mercedes AMG F1 team.
Additionally, he also owns 33 percent of the multi billion dollar team. With this, he has taken himself up in the list of billionaires by Forbes, thanks to Netflix’s Drive to Survive and the boom of F1 in America.
The post 25 Years Before Becoming Billionaire, Toto Wolff Gave Away His Porsche for $275,000,000 Worth Buyout That Got Him His F1 Entry appeared first on The SportsRush.
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