Toto Wolff is allegedly in trouble regarding his purchase of Aston Martin shares.
The UK stock exchange authorities are investigating the alleged insider trading matter in Europe.
At first, Canadian businessman, Lawrence Stroll invested in Aston Martin. Following that, Stroll bought 25% of Aston Martin’s stock. In April 2020, Wolff purchased shares in Aston Martin Lagonda. It was a 4.77% stake that decreased to 0.95% because of rights issuance. Then Aston Martin’s share price rose by about 60%. By May 2020, Tobias Moers, former Mercedes-AMG CEO left after working for 26 years with Daimler to become Aston Martin’s CEO.
According to Journal de Montreal, the German financial regulatory authority, BaFin inspected Wolff’s stock purchase during November 2020. Since then the case was sent for review to the UK’s Financial Conduct Authority where Aston Martin shares are listed on the London Stock Exchange.
Aston Martin collaborates with Mercedes as an engine supplier in Formula 1, for engine development and other racing series. In October 2020, Mercedes announced a further stake of 20% of Aston Martin focused on a technology partnership.
A Mercedes representative said, “No. We are not aware of any such action. All necessary disclosures have been made to the UK financial authorities at the appropriate time.”
Headline Image Credit: Getty.
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