Toto Wolff has sold a portion of his 33% stake in the Mercedes-AMG Petronas Formula One team to George Kurtz, the billionaire co-founder and CEO of cybersecurity firm CrowdStrike, according to a statement released Thursday. The transaction marks the first time Wolff has diluted his equity position since acquiring his one-third holding in 2013 for an estimated $30 million. Financial terms were not disclosed. Wolff retains operational control as team principal and CEO. Mercedes-Benz AG holds the remaining 67% and is not involved in the sale.

Kurtz, 54, brings a net worth estimated near $6 billion and a track record of scaling enterprise software companies into public markets. CrowdStrike trades at a $90 billion market cap. He has no prior disclosed investments in motorsport. The deal was brokered quietly over the past six months, according to two people familiar with the negotiations. Wolff attended CrowdStrike's annual customer conference in Las Vegas last September, sitting front-row during Kurtz's keynote. The two were photographed together at a private dinner in Monaco in November. No investment bank was involved; the parties used in-house counsel.

The timing is precise. Mercedes enters the 2026 season facing a complete power-unit overhaul under new technical regulations that remove the MGU-H and increase electric deployment. The team has already committed €250 million in capital expenditure for the new engine architecture, per filings with the FIA. Wolff has also hinted at infrastructure investments beyond the Brackley campus, including a planned aerodynamics expansion at the Brixworth power-unit facility. The Kurtz capital provides liquidity without requiring Mercedes-Benz to increase its own exposure, which matters as the parent company navigates a €14 billion electric-vehicle transition budget through 2027. A third-party equity holder also creates optionality if Mercedes-Benz ever considers reducing its stake below the 51% threshold required to remain a works team under current regulations.

Kurtz's entry changes the governance structure. The team now has three equity voices instead of two. Wolff has historically operated with wide latitude from Daimler board oversight, but the introduction of a private-equity-minded operator shifts the accountability model. Kurtz is known for quarterly earnings discipline and aggressive margin management at CrowdStrike. He will not take a board seat at the F1 entity, according to one person briefed on the terms, but will receive quarterly performance updates and audit rights. That means someone outside the Mercedes ecosystem now has visibility into driver contract economics, sponsor renewal rates, and cost-cap compliance filings. The paddock expects this to formalize budgeting timelines and make ad-hoc spending harder to approve mid-season.

The transaction also telegraphs Wolff's estate planning. He turns 53 in January and has publicly discussed succession timelines. Selling a slice now—likely in the 8% to 12% range based on comparable team valuations—de-risks his personal balance sheet while keeping him in the principal's chair. If the team's enterprise value sits near $2 billion, matching recent McLaren and Aston Martin benchmarks, even a 10% slice would generate $200 million pretax. Wolff has not sold Mercedes shares before; this is liquidity event number one. It also sets a valuation marker for future transactions, whether that's bringing in additional partners or a full exit down the line.

Watch for two follow-on moves. First, whether Kurtz introduces technology partnerships between CrowdStrike and Mercedes' cybersecurity infrastructure, particularly around telemetry encryption and cloud platform security. The team runs AWS systems; CrowdStrike is cloud-native. Second, whether this sale triggers contractual rights-of-first-refusal for Mercedes-Benz or co-sale provisions if Wolff decides to divest further. Those clauses would surface in the next 12 months if Wolff seeks additional liquidity or if Mercedes-Benz itself considers stepping back post-2030, when the current Concorde Agreement expires.

Kurtz's first paddock appearance is expected at the Bahrain season opener in March. He owns a Gulfstream G650.