Austrian billionaire Dietrich Mateschitz, co-founder of energy drink company Red Bull and founder and owner of the Red Bull Formula One racing team, has died at 78.
Mateschitz and Thai investor Chaleo Yoovidhya founded the company in 1984 after Mateschitz recognized the potential in marketing Krating Daeng – another energy drink created by Chaleo – for a western audience. Red Bull says Mateschitz worked on the formula for three years before the modified drink was launched under its new name in his native Austria in 1987.
Under Mateschitz’ stewardship, Red Bull quickly increased its market share, first in Europe, then in the United States, helped by marketing campaigns promoting the drink’s claimed stimulating properties and extensive sponsorship agreements in motorsports, soccer, extreme sports and the music industry.
The Red Bull Racing team has enjoyed success in Formula 1, winning the constructors’ championship in 2010, 2011, 2012 and 2013, while German driver Sebastian Vettel won four drivers’ championships in row while signed to the team. Red Bull operates soccer teams in top divisions across Austria, Germany, Brazil and the United States. The company started by buying Austrian club SV Austria Salzburg in 2005 and rebranding it in the company colors under the name Red Bull Salzburg.It repeated the move in Germany, where it bought fifth-tier club SSV Markranstädt in 2009, rebranded it as RasenBallsport Leipzig, and financed its steady progress through the league system till it was promoted to the Bundesliga in 2016.
Mateschitz also made headlines for his populist views. He previously criticized German chancellor Angela Merkel for her handling of the refugee crisis over 2015-16. The Austrian Servus TV station, owned by Red Bull Media House GmbH, is known for promoting right-wing provocative views.Mateschitz bought the Jaguar Racing team from previous owner Ford at the end of 2004 and rebranded it as Red Bull for the 2005 season.
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