Toto Wolff reaping huge financial rewards despite Mercedes’ struggles

Toto Wolff owns a third of the Mercedes F1 team, which he's been the team principal of since 2013.

Mercedes team principal Toto Wolff has joined the $1 billion club, with the Austrian supposedly now worth a similar amount to NBA icon LeBron James and golf legend Tiger Woods.

The staggering figure has come from Forbes, with Wolff’s net worth having risen to the 10-figure mark thanks to his various shares.

Wolff does, of course, own a third of the Mercedes F1 team which he’s the boss of and has been the boss of since 2013, when he took over from Ross Brawn.

Wolff’s stake in the Germans has risen throughout the turbo-hybrid era, with the team having been worth $1.15 billion in 2019, according to Forbes.

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Prior to working for Mercedes, Wolff actually had a share in Williams, which he sold in 2016.

Netflix docuseries ‘Drive to Survive’ has played a large role in Wolff become so wealthy, with the value of the teams having risen substantially due to the popularity of the series.

Describing Wolff, Forbes wrote: “A former race car driver, he bought into the Formula 1 team in 2013, long before team values skyrocketed, and led Mercedes to eight straight Constructors’ Championships.”

It’s not just off the circuit that things are seemingly going very well for Wolff, with Mercedes having enjoyed their best weekend of the season at the Australian Grand Prix.

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Last weekend was a very positive one for Mercedes, despite George Russell retiring from the race following a shock power unit failure.

Russell and Lewis Hamilton managed to qualify second and third at the Albert Park Circuit, before both drivers overtook polesitter Max Verstappen on the opening lap.

As a result, Mercedes ran in first and second for the opening laps of the third round of the 2023 F1 season, until Russell pitted early.

A sudden red flag moments after Russell pitted somewhat ruined his race; however, his power unit failure not long after the race restarted ensured that the 25-year-old was likely going to face a retirement regardless of when he pitted.

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At the front, Hamilton took the lead from Russell and remained at the front for a few laps, before Verstappen used his RB19’s exceptional straight-line speed to breeze past the seven-time World Champion.

Hamilton had no answer to the Dutchman’s sublime pace, although, he did hold on to finish second, securing his and the team’s first podium of the year.

As a result, Mercedes remain third in the Constructors’ Championship, 67 points behind Red Bull.