Liberty edia Formula One Corp Ser
FWONA
Financials
1
exclusion reason
1 theme
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Liberty Media Formula One Group Class A (FWONA) shares are part of John Malone's Liberty Media tax-optimized corporate empire. The Formula One Group's parent company Delta Topco Ltd. is incorporated in Jersey, a Crown dependency with 0% corporate tax rate, enabling the entity to minimize tax obligations on Formula One's global commercial rights revenue. Citizens for Tax Justice documented that Malone personally avoided approximately $200 million in income taxes through a Liberty Global inversion deal with Virgin Media, structured as a corporate "move" from Colorado to London that was in practice a paper relocation only. Malone transferred $600 million of his stake to a charitable trust the day before announcing the inversion and used Treasury regulation loopholes to shield the remaining $260 million. The Liberty empire's systematic use of tracking stocks, inversions, and offshore incorporation represents a pattern of aggressive tax minimization.
Research Sources
3 organizations
Related Exclusions
Wondering what we do invest in?
The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.