Dietrich Mateschitz, the Austrian billionaire who co-founded the energy drink company Red Bull and also had stakes in its multiple sporting franchises, died aged 78 on Saturday. 

Mateschitz had a 49% stake in Red Bull, an Austrian-Thai group that claims to have sold nearly 10 billion cans of its caffeine and taurine-based drink in 172 countries worldwide last year.

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He was instrumental in making the energy drink popular around the world and building up sports, media, real estate as well as gastronomy empires around the brand Red Bull. 

The AP has reported that there is no information as yet where the businessman died and what was the cause of his death. His death was confirmed officially by the Red Bull Formula One racing team.

Mohammed Ben Sulayem, president of motor sports governing body FIA, said Mateschitz was “a towering figure in motor sport.” “The thoughts of all the FIA family are with his loved ones at this time and he will be greatly missed.”

Mateschitz founded Red Bull with Thai investor Chaleo Yoovidhya in 1984 after recognising the potential of marketing Krating Daeng – another energy drink created by Chaleo specifically for a western audience. Red Bull claims that Mateschitz worked on the formula of the drink for three years before the modified drink was launched as Red Bull in Austria back in 1987.

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Mateschitz helped Red Bull expand to several countries and helped to increase its market share in the segment. He launched memorable marketing campaigns that claimed the drink has stimulating properties. He also built the Red Bull sports ventures and expanded into 11 different sports. He also built a media empire and music company around Red Bull.

Red Bull’s football, Formula One and MotoGP teams have enjoyed considerable success in international tournaments and leagues. The Formula One team led by Sebastian Vettel is the brand’s biggest success story in sports.