Mercedes F1 announced that Wolff had made all relevant disclosures to the UK authorities at the right time when purchasing Aston Martin shares.
By Sahil Gupta
| Updated: 25-Aug-21 02:33 PM IST
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According to British and German supervisory authorities, Wolff is not being investigated for insider trading
British regulators have acquitted the Mercedes F1 CEO and 33 percent co-owner Toto Wolff of any suspicion of insider trading. It was announced yesterday that Wolff was being investigated for buying $ 35.24 million worth of Aston Martin shares before former Mercedes-AMG boss Tobias Moers was named CEO of Aston Martin and Daimler a 20th – Took a stake in the British automaker, which has pushed the share price up 60 percent since then. There have been hints that Wolff may have worked with Aston Martin’s chief executive officer, Lawrence Stroll, but those assumptions are unfounded. Wolff and Stroll are close as Stroll’s F1 team, also renamed Aston Martin in 2021, uses Mercedes engines supplied by Wolff’s team.
Read also: Toto Wolff investigates because of insider trading on Aston Martin participation
Lawrence Stroll only acquired a majority stake in Aston Martin Lagonda in January 2020 after the stock crash. At that time, Stroll was already the owner of the Racing Point F1 team, which was closely associated with the Mercedes F1 team. Stroll then decided to rename his F1 team the Aston Martin and end the Red Bull F1 team’s relationship with the brand. He also removed Andy Palmer as CEO of Aston Martin and hired Tobias Moers. Daimler later took a stake in Aston Martin, but Wolff bought shares and the Daimler stake before Palmer left.
Under Wolff, Mercedes has won 7 world championship titles in a row
According to its own information, the German stock exchange regulator BaFin has audited trading at Daimler and forwarded the information on trading in Aston Martin shares to the Financial Conduct Authority in Great Britain. BaFin announced that it had not found any evidence for an investigation. The FCA has also not initiated an investigation.
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Daimler already had a stake in Aston Martin, but decided to increase its stake from 5 to 20 percent. In a statement to the Financial Times, Mercedes F1 announced that Wolff had made all relevant disclosures to the UK authorities at the right time when purchasing Aston Martin shares. Wolff also did not trade or acquire any Daimler shares or securities in the past year.
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