Dietrich Mateschitz, billionaire founder of Red Bull and owner of Formula 1 team, dead at 78
CBSN
The co-founder of Red Bull, Dietrich Mateschitz, has died at age 78, Formula 1 confirmed on Saturday. Mateschitz, an Austrian billionaire, also owned a Formula 1 (F1) racing team, branded as the Red Bull team, since 2005.
With Red Bull, "inspired by functional drinks from East Asia," Mateschitz and co-founder Chaleo Yoovidhya developed a "completely new product category" — energy drinks — in the mid 1980s, according to the company's website. They sold their first can in 1987.
Mateschitz's net worth was estimated to be $27.4 billion by Forbes in 2022. Last year, the company sold 9.8 billion cans worldwide — enough to provide caffeine to more than 80% of the planet, according to Forbes.
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