Mercedes Formula 1 CEO Toto Wolff has sold 15% of his shares in the Formula 1 team to US billionaire George Kurtz, the team announced on Thursday during the Las Vegas Grand Prix.
The 53-year-old Austrian previously held 33% of Mercedes shares but will continue in his roles as team principal and CEO. The remaining shares are owned by Mercedes-Benz and chemical giant INEOS.
The sale is expected to earn Wolff nearly £230 million (€260 million) and values the team at £4.57 billion (€5.18 billion). This surpasses the record valuation of McLaren earlier this season, which stood at $4.7 billion (€4.1 billion).
Kurtz, 55, is the co-founder and CEO of cybersecurity company CrowdStrike, a Mercedes partner since 2019. He will take on a new role within the team as a ‘Technology Advisor.’
Toto Wolff praised Kurtz, describing him as a unique individual due to his experience as a racing driver, a devoted ambassador for Mercedes-AMG, and a successful entrepreneur.
Wolff added that Kurtz’s understanding of both racing demands and scaling technology businesses brings highly relevant insights for Formula 1’s future.
Mercedes dominated Formula 1 between 2014 and 2021, winning eight consecutive Constructors’ championships. However, it has since been outshone by Red Bull and, more recently, McLaren, which has already secured a second consecutive world title.
