Dietrich Mateschitz, the billionaire founder and owner of the "Red Bull" company, has passed away at the age of 78, after a battle with cancer.
Considered the richest man in Austria, Mateschitz founded his incredibly popular global energy drink empire. His fortune is estimated at $25 billion, placing him in the 51st place of the richest people in the world according to Forbes.
Formula 1 praised his "unforgettable contribution" to the sport and said he left behind a "lasting legacy".
Little is known about Mateschitz's private life – he disliked publicity and rarely gave interviews.
He lived in Salzburg with his long-time girlfriend and years ago he claimed to drink 10 to 12 cans of Red Bull a day.
After graduating from the University of World Trade in Vienna, he worked as a marketing specialist for various companies in the 1970s.
On his business trips to Asia, he became familiar with the market for energy and stimulant drinks, which at that time were still completely unknown in Europe and the US.
In 1984, together with Thai entrepreneurs, he founded Red Bull GmbH, in which he held 49% of the shares.
After modifying the recipe of a Thai energy drink and developing a marketing concept, Red Bull was introduced to the market in 1987, becoming one of the most famous energy drinks in the world.