Dietrich Mateschitz, the Austrian billionaire founder and owner of energy drink company Red Bull, died on Saturday at the age 78 after a serious illness with cancer.
His death was confirmed by the championship-leading Red Bull Formula One team.
The Styrian-born entrepreneur built a global empire around the energy drink Red Bull and was considered the richest man in Austria. Mateschitz’s fortune is estimated at around 25 billion euros ($24.65 billion). This puts him in 51st place on Forbes’ list on the world’s richest people.
The self-made billionaire was considered a marketing genius. 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 got to know the market of energy and stimulant drinks. At that time, these drinks were still completely unknown in Europe and the United States. In 1983, he acquired the licence for such a drink in Asia. One year later, together with the Thai entrepreneurial family Yoovidhya, he founded Red Bull GmbH, in which he held a 49 per cent stake.
After modifying the recipe of a Thai energy drink and developing a marketing concept, Red Bull was introduced to the market in 1987. The bubbly, carbonated, sweet drink, whose taste is described as similar to that of gummy bears, rose to become the global market leader after a difficult market entry. The group achieved a turnover of 7.8 billion euros in 2021 and sold 9.8 billion Red Bull cans worldwide.
The Fuschl am See, Salzburg-based company is also known for its creative advertising with the world famous slogan “Red Bull gives you wings”. An important milestone for Mateschitz was the entry into the US market at the end of the 1990s. Today, every third can is sold in the United States.
The entrepreneur paid a lot of attention to the image of the drink. He associated the Red Bull brand with adventure sports like surfing, mountain biking and cliff diving with the company eventually involved as a sponsor in a lot of them.
Little is known about Mateschitz’s private life. He was publicity shy and rarely gave interviews. He lived in Salzburg with his long-term girlfriend and once said years ago that he drank 10 to 12 cans of Red Bull a day himself.
It is not clear what consequences the Red Bull empire will face after his death. His only son Mark, 30, who most recently acted as managing director of one of his father’s investment companies is seen as a possible successor.
Massive sporting contribution
Mateschitz was also the founder and owner of Red Bull Racing, a Formula 1 racing team based in Milton Keynes, Britain. He had taken over the football club SV Austria Salzburg, now known as “Red Bull Salzburg”.
Formula One and the championship-leading Red Bull team mourned the death of Mateschitz on Saturday in Texas before the team won the constructor’s championship with a win at the US Grand Prix on Monday morning, Australian time.
Red Bull Racing principal Christian Horner that what Mateschitz achieved and what he’s done for so many people around the world, across different sports, is “second to none”.
“So many of us have to be so grateful to him for the opportunities that he’s provided, the vision that he had, the strength of character and never being afraid to follow and chase your dreams.
“That’s what he did here in Formula One, proving that you can make a difference … so many drivers, so many team members, so many people in this pitlane owe him so much,” he told Sky Sports television.
Mateschitz bought the Ford-owned Jaguar team at the end of 2004 and turned it into Red Bull Racing, an outfit whose maverick image masked a fierce competitive spirit.
The Austrian also bought the Italy-based Minardi team and renamed it Toro Rosso, the Italian for Red Bull. They now compete as AlphaTauri, the company’s fashion brand.
The arrival of Adrian Newey, one of the sport’s greatest designers who had penned title-winning cars for Williams and McLaren, turbocharged Red Bull’s progress and Germany’s Sebastian Vettel won four titles in a row from 2010-13.
Red Bull also won the constructors’ title in all four seasons.
“I am deeply saddened by the news that Dietrich Mateschitz, a hugely respected and much-loved member of the Formula One family has passed away,” said Formula One CEO Stefano Domenicali.
“He was an incredible visionary entrepreneur and a man who helped to transform our sport and created the Red Bull brand that is known all around the world.”
Teams throughout the paddock quickly took to social media to express their condolences after learning of Mateschitz’s passing, praising him for his vision and contributions to the sport.
Aston Martin, Alfa Romeo and McLaren, whose team principal Zak Brown hours earlier had engaged in tense exchange with Horner over the budget issue during a press conference were among those offering their sympathies.
“Following the sad passing of Dietrich Mateschitz, our thoughts and condolences are with Dietrich’s family and friends, @RedBullRacing, @AlphaTauriF1 and the wider @RedBull family. Rest in peace,” said McLaren on their official Twitter account.
Horner said he was happy that at least Mateschitz got to see Verstappen clinch the driver’s title two weeks ago in Japan.
“I think of what he has meant for of course Red Bull and also the sport and especially for me what he has done for me in general in my career so far and my life,” said Verstappen. It’s a really tough day.
- Reporting by Akanksha Khushi in Bengaluru, Alexandra Schwarz-Goerlich in Vienna, Michael Shields; Alan Baldwin in London, Steve Keating in Toronto; Editing by Ken Ferris, Marguerita Choy and Daniel Wallis, of Reuters.
