Trouble for Toto Wolff and Lawrence Stroll? As Allegations over Insider Trading Emerge

Trouble for Toto Wolff and Lawrence Stroll? As Allegations over Insider Trading Emerge

Toto Wolff

There is no sport in world who guarantees to stay away from controversies. The latest emerging controversy in Formula 1, according to Canadian media, suggests that Toto Wolff’s purchase of shares in Aston Martin is being put under scrutiny in Europe. Those who are not aware, Mercedes’ boss purchased shares in Aston Martin Lagonda in April last year, a 4.77% stake that was diluted to 0.95% due to rights issuance. 

Furthermore, Toto Wolff’s purchase was made after several months when Lawrence Stroll initially invested in Aston Martin. This incident took place a month after Stroll purchased 25% of the car company’s stock. Moreover, Wolff’s purchase was also made in the same month that the company announced it would return to Formula 1 as a takeover of the Racing Point team under Stroll. However, according to the Journal de Montreal, an Aston Martin spokesperson declined to comment on the report.

Formula 1: Are Toto Wolff and Lawrence Stroll in Trouble? 

Toto Wolff
Toto Wolff

Now according to the report of Journal de Montreal, it is claimed that BaFin, who is the German stock regulator examined Toto Wolff’s stock purchase in November 2020 and have since referred the case for review to the Financial Conduct Authority in the United Kingdom, as Aston Martin’s shares are listed on the London Stock Exchange. 

With Aston Martin working together with Silver Arrows as an engine supplier both in Formula 1 and in their road car division, the close relationship between the parties further tightened after the purchase of the Mercedes boss.

OIP 85 1
Lawrence Stroll

In May 2020, Tobias Moers, who was Mercedes-AMG’s CEO and had worked for Daimler (one of the three owners of Mercedes for 26 years) was appointed as Aston Martin’s CEO. As per the spoken about reports, six months after Wolff bought Aston Martin shares, Mercedes announced the purchase of an additional stake of 20% of Aston Martin in exchange for technology sharing. The interesting point to be noted here is that since Wolff’s purchase in April 2020, Aston Martin’s share price has risen by around 60%.

Also Read: “Poor Performance on Track Has Never Affected Aston Martin’s Brand Value”:…

Also Read: “We Will Be Champions”: Lawrence Stroll on Aston Martin’s Five-Year Plan