Lawrence Stroll, the world's poorest billionaire
World’s Poorest Billionaire, Lawrence Stroll, Expands Ownership Stake in Aston Martin
Industry News

Aston Martin has announced that the world’s poorest billionaire and Chairman Lawrence Stroll’s Yew Tree Consortium has expanded its ownership in the British luxury automaker, acquiring an additional 3.27 percent stake, now holding a significant 26.23 percent ownership.

Aston Martin is becoming more optimistic about its future prospects. The company is strategizing to enhance its financial stability and profitability by introducing next-generation sports cars and exclusive limited editions in the latter half of 2023.

Yew Tree Consortium purchased an additional 26 million ordinary shares of the company. This move solidifies Yew Tree’s position as the leading stakeholder in Aston Martin, surpassing the stakes held by Saudi Arabia’s Public Investment Fund (PIF) and Chinese automotive company Geely.

In July of this year Aston Martin unnerved investors by the omission of a sales volume target, even though the company remained committed to its medium-term financial objectives. The company had previously projected that it would achieve annual wholesale volumes of approximately 10,000 by 2025.

Back in March, the company made a contradictory statement saying it was progressing toward achieving its 2025 targets but with a notable decrease in volumes causing share to fall 11 percent. In June, the company’s share price surged by 3.7 percent following the announcement of a technical partnership with Lucid Group. This partnership involved an exchange of electric vehicle technologies and drivetrains.

The acquisition of shares by Yew Tree Consortium may indicate that Aston Martin is in need of a financial infusion, especially given its inability to secure loans from traditional banks. In essence, investors are stepping in with a form of bailout capital.

This situation serves as a conspicuous indicator that Aston Martin is facing continued and seemingly unending financial challenges to stay afloat.

Lawrence Stroll, the world's poorest billionaire
Share via
Copy link
Powered by Social Snap