Dietrich Mateschitz, the Austrian billionaire founder and owner of Red Bull, has died at the age of 78 after a serious illness linked to cancer.
Considered the richest man in Austriathe entrepreneur has built a global empire around the energy drink.
Mr Mateschitz’s fortune is estimated at around €25bn (£21.8bn), putting him 51st on Forbes’ list of the world’s richest people.
Formula 1 hailed his “unforgettable contribution” to the sport and said he left behind a “lasting legacy”.
Little is known about Mr. Mateschitz’s private life – he was shy of publicity and rarely gave interviews.
He lived in Salzburg with his longtime girlfriend and once said years ago that he drank 10-12 cans of Red Bull a day.
After graduating from the World Business University in Vienna, he worked as a marketer for various companies in the 1970s.
During his business trips to Asia, he discovered the market for energy and stimulant drinks, still totally unknown at the time in Europe and the United States.
In 1984, together with Thai entrepreneurs, he founded Red Bull GmbH, in which he holds a 49% stake.
After modifying the recipe for a Thai energy drink and developing a marketing concept, Red Bull was introduced to the market in 1987.
The fizzy, carbonated and sweet drink, which is described as tasting similar to gummy bears, has become the global market leader after a difficult market entry.
The group achieved sales of €7.8bn (£6.8bn) in 2021 and sold 9.8bn Red Bull cans worldwide.
Mateschitz was the founder and owner of Red Bull Racing, a Formula 1 racing team based in Milton Keynes.
News of his death emerged just before qualifying for the United States Grand Prix, and Red Bull team principal Christian Horner told Sky Sports News they were determined to “do our best to him” during the races this weekend.
He added: “It’s very, very sad. What a great man. We’re incredibly grateful to him and everything he’s done, everything he’s supported us with over the years and so many riders, so many team members, so many of the people in this pitlane owe him so much.
“It’s important that we celebrate and recognize the contribution he made. Quite a remarkable man, an inspiration and to whom we owe so much.”
