Toto Wolff had a tough childhood as his father was diagnosed with brain cancer when he was just eight years old. Soon his parents separated and his father passed away when he was 15. Despite these personal setbacks, Wolff kept pushing in life towards success, and today he is one of the most successful team bosses in F1. The $1.6 billion worth Mercedes CEO has now come out with advice for the future generation to succeed in life.
Wolff had a short-lived motorsport career in the early 20s. Wolff dropped out of the Vienna University Economics and Business and founded Venture Capitalist Firms focused on tech: Marchfifteen and Marchsixteen. He then bought a 49% stake in German HWA AG, the company that ran the Mercedes DTM program.
Toto Wolff has officially reached billionaire status.
He owns 33% of the Mercedes Formula 1 team and acquired the equity stake at a significant discount.
The team now has more than 1,000 employees and brings in $450 million in annual revenue.
Here’s the fascinating story pic.twitter.com/I7pFOQEdBy
— Joe Pompliano (@JoePompliano) April 11, 2023
This is where Wolff got his way into the Mercedes family, and eventually made it to F1 in 2013. Wolff is now the CEO of Mercedes and owns a 33% share in the F1 team. Forbes reports the Austrian’s net worth to be $1.6 billion. For someone with as humble a beginning as Wolff, it’s a huge success story to become a billionaire.
Sharing his advice for the next generation on the Performance People podcast, Wolff said, “I think what happened were, I hear often young people saying that they cannot imagine how much success you can have. But I’m always saying it’s my 52nd chapter, and it’s your 22nd. And doors are going to open, others are going to close.”
He continued, “Keep learning, developing, believing in yourself, introspect, what are you good at and what not. Push those things that you think you can succeed, and then eventually you’re going to just progress.”
Wolff stated that out of the many chapters he has gone through, probably 10 episodes helped him find his way to Mercedes. The billionaire highlighted that along the way all the successes and failures are a part of eventually reaching that end goal.
