How Has Toto Wolff Become A Billionaire Despite Mercedes F1 Team Struggle?
Toto Wolff, the name resonates with fans of the high-octane sport of Formula One. The Austrian former driver and businessman is a force to be reckoned with. As team principal and CEO of the Mercedes-Benz AMG Petronas Formula One team, Wolff has led the team to a staggering 8 constructor's championships and 7 driver's championships.
Wolff has just become a billionaire so we are taking a look back at how he made his staggering fortune.
Wolff's Early Life and Business Acumen
At 17, Wolff's friend raced in German Formula 3. This piqued Wolff's interest in the sport, but he soon found he wasn't talented enough to be a professional driver. Instead, he chose to go into banking and worked in Warsaw, Poland, honing his craft as an investor.
He founded his own venture capital firm, Marchfifteen, in 1998, which was followed by Marchsixteen in 2004. These firms were incredibly successful and diversified before the 2008 recession so were not hit too hard from this.
Wolff's Interest in Motorsport
With vast wealth from his success in banking, Wolff found ways to make money near the sport he loved. He started a joint venture with former F1 champion Mika Hakkinen in 2002 to manage upcoming racing drivers, one of whom was Valtteri Bottas.
Wolff also competed in the FIA GT World Championship, winning the 2006 24 Hours of Bahrain. Today, Wolff is a stakeholder in both Aston Martin and Mercedes F1 and serves as CEO at the latter.
Wolff's Role in Mercedes-AMG F1
Wolff joined Mercedes in 2013 as team principal and CEO, initially owning 30% of the team which later increased to an equal 33% split with INEOS and Daimler AG.
During Wolff's time with the team, they have won eight constructors' championships and Lewis Hamilton has won six of his seven drivers' championships.