Aston Martin-Daimler insider trading: no wrongdoing on the part of Wolff |  FormulaPassion.it

Aston Martin-Daimler insider trading: no wrongdoing on the part of Wolff | FormulaPassion.it

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Aston Martin-Daimler insider trading: no wrongdoing on the part of Wolff |  FormulaPassion.it

All regular: the headlights turned on by the stock exchange authorities on the movements on the stock market by Toto Wolff they have not exposed any wrongdoing. The Mercedes team manager in April 2020 had declared that he had bought 0.95% of the shares of Aston Martin making an investment of just over 40 million euros (37 million pounds). A few weeks later in May of last year, Aston Martin welcomed Tobias Moers as CEO coming from the Daimler group, which in turn in October six months later raised its stake in Aston Martin to 20% through an agreement that included also the exchange of technologies.

These two ‘boosts’ for Aston Martin were also such on the stock market, as the value of the stock recorded two sharp spikes. For this reason, starting from November 2020, the German market regulator BaFin began to analyze what happened and then transferred the material to the Financial Conduct Authority, its British counterpart which had the right of jurisdiction since Aston Martin is a stock listed on the London Stock Exchange. These two European stock exchange authorities wanted to see clearly to verify if there were the conditions for insider trading, that is, maneuvers on the stock market by Toto Wolff ‘inspired’ by the certainty of future developments thanks to the availability of information not in the public domain. As reported by the Financial Times, a British newspaper specializing in financial news and economic news analysis, neither BaFin nor the Financial Conduct Authority have found evidence to proceed with a proper investigation. Toto Wolff’s operations were therefore considered legal. According to the Standard & Poor’s stock index, Aston Martin’s stake held by Toto Wolff is worth £ 13.9 million.

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