Mercedes F1 team principal Toto Wolff sells 15% stake to CrowdStrike CEO George Kurtz
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LAS VEGAS (AP) — Mercedes team principal and part-owner Toto Wolff has sold 15% of his shareholding of the Formula 1 team to George Kurtz, the CEO and founder of cybersecurity company CrowdStrike.
Mercedes said the deal makes Kurtz a co-owner of the team that is valued at $6 billion. Wolff was one of three equal owners alongside Mercedes-Benz and INEOS.
The deal was announced ahead of Saturday night’s Las Vegas Grand Prix, where Mercedes driver George Russell is the defending race winner.
Kurtz will become technology advisor to Mercedes, as well as join the team’s strategic steering committee alongside Wolff, Mercedes-Benz chairman Ola Kallenius, and INEOS founder and chairman Sir Jim Ratcliffe.
Wolff will continue as team principal and CEO.
“George’s background is unusual in its breadth — he’s a racer, a loyal sporting ambassador for Mercedes-AMG, and an exceptional entrepreneur,” Wolff said. “He understands both the demands of racing and the realities of building and scaling technology businesses. That combination brings specific insight that is increasingly relevant to the future of Formula 1.”
CrowdStrike became a global partner of Mercedes’ F1 team in 2019, but Kurtz’s purchase into the ownership group was his personally.
“Winning in racing and cybersecurity requires speed, precision, and innovation. Milliseconds matter. Execution counts. Data wins,” said Kurtz. “Technology is reshaping competitive advantage and human capability everywhere, including motorsport. I’m excited to help the team securely accelerate forward.”
Kurtz is considered a racer and has dabbled in sports car racing since 2016. He has class wins in the 24 Hours of Le Mans LMP2 Pro-Am, Twelve Hours of Sebring, Petit Le Mans, Six Hours of the Glen, and he is the two-time winner of both the Indianapolis 8 Hour and 24 Hours of Spa in a Mercedes-AMG GT3.
Kurtz won the 2023 SRO GT World Challenge America Team & Drivers’ Championship, the 2023 Mercedes-AMG Customer Racing Championship Driver Category, and the 2023-24 Asia Le Mans LMP2 Championship.
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AP auto racing: https://apnews.com/hub/auto-racing