In 2009, an Austrian person became a shareholder of the Williams team which is part of Formula 1. In 2013, he moved up to become the boss (team principal) and co-owner of Mercedes. From 2014 – 2021, he helped lead the German carmaker in achieving eight straight championships in F1 at the same time Lewis Hamilton and Nico Rosberg won seven titles for drivers.
At the end of his contract with Mercedes, Wolff thought about leaving F1. But when he looked at it deeper, he decided to stick around – even committing more than before!
Toto Wolff recently talked to F1Flow.com, and he revealed that his plans of selling his investment in Formula 1 have been cancelled.
He said, “last year I had a plan for my future. When I turn 49, I’m going to stop doing this job because when you’re 50, it’s too old to be a team manager.”
Before 2020, my business was to buy and sell shares like everyone else does with investments. Yet in 2020, I decided to keep the shares that I bought instead of selling them. This was a huge change for me!
Toto Wolff had been working in the financial industry for 25 years, but he decided that he wanted to become an entrepreneur and make it a permanent career rather than going back to what he was used to. After taking one year to figure this out, this was the moment to keep pushing forward on his path towards becoming an entrepreneur.
When Wolff started working at Mercedes, the aim was to make them successful by winning championships that would bring in financial profits. After signing a three-year deal, and enjoying his work so much, he decided to extend it for another three years. This was a crucial decision that changed things.
I had a contract that went from 2013 to 2021. But this year I don’t know if I want to keep going with it. Before, the contract always had to be renewed every few years. Now, things are different and it doesn’t need to be renewed anymore.
Wolff said that since he has committed himself to the Mercedes team, he now has the responsibility of creating a secure future for F1. He can’t just turn his back on it and walk away anymore.
“I own the company,” he stated. “The only thing I can do is find good people and change how I work in order to help it become more successful. It’s not just a project for me anymore, it’s part of my life.”
I get really excited every day because I’m one of three people who own this amazing opportunity. Even when things change a lot, it’s still important to remember how special it is.