Mercedes F1 Boss Toto Wolff Is Not Being Investigated For Insider Trading

Mercedes F1 revealed that Wolff had made all relevant disclosures to authorities in the UK at the appropriate time when buying shares in Aston Martin.

By Sahil Gupta

1 mins read

Published on August 25, 2021

Highlights

BaFin and FCA have revealed they aren't investigating Wolff
Wolff had acquired Aston Martin shares before Daimler increased its stake
Former Mercedes AMG boss Tobias Moers also became Aston Martin CEO

Regulators in the UK have cleared Mercedes F1 CEO and 33 per cent co-owner, Toto Wolff, of any suspicions of insider trading. Yesterday news emerged that Wolff was under investigation as he had bought Aston Martin shares worth $35.24 million before the appointment of former Mercedes AMG boss Tobias Moers as Aston Martin CEO and Daimler taking a 20 per cent stake in the British automaker which led the share price to go up by 60 per cent since.There were insinuations that Wolff may have colluded with Aston Martin executive chairman Lawrence Stroll, but these suspicions are unfounded. Wolff and Stroll are close as Stroll's F1 team which was also re-branded to Aston Martin in 2021 use Mercedes engines which are supplied to it by Wolff's outfit. Also Read: Toto Wolff Investigated For Insider Trading Over Aston Martin Shareholding Lawrence Stroll acquired a controlling stake in Aston Martin Lagonda only in January 2020 after its shares crashed. At the time Stroll was already the owner of the Racing Point F1 team which had deep ties to the Mercedes F1 team. Stroll then decided to rebrand his F1 team as Aston Martin and nix the Red Bull F1 team's relationship with the brand. He also removed Andy Palmer as the CEO of Aston Martin and hired Tobias Moers. Later on, Daimler also took a stake in Aston Martin, but Wolff bought shares before the exit of Palmer and the Daimler stake. Under Wolff Mercedes has won 7 consecutive world titles BaFin, the German markets watchdog has said that it had looked at the trading at Daimler and had passed on the information to the Financial Conduct Authority in the UK regarding the trading of Aston Martin shares. BaFin revealed that it found no evidence to proceed with an investigation. FCA has also not pursued an investigation. Daimler already had a stake in Aston Martin but it decided to increase its stake from 5 per cent to 20 per cent. In a statement to the Financial Times, Mercedes F1 revealed that Wolff had made all relevant disclosures to authorities in the UK at the appropriate time when buying shares in Aston Martin. Wolff also didn't trade or acquire any Daimler shares or securities last year.