Austrian entrepreneur Dietrich Mateschitz, co-founder of energy drink manufacturer Red Bull, has died at the age of 78. He owned 49 percent of the company’s stock. He’s also the big man behind Team Red Bull Racing, which has raced in Formula 1 since 2005.

Mateschitz founded Red Bull in 1984 with Thai investor Chaleo Yoovidhya. This happened after the Austrian got to know the energy drink Krating Daeng, Thai for “red bull”, in Asia. Together with Yoovidhya, who had developed the Asian drink, he made it suitable for the western market.

According to Red Bull, Mateschitz worked on the formula for the new drink for around three years before it was launched in Austria in 1987. The company eventually made him a multi-billionaire. The Austrian was among the magazine’s top 100 richest people every year forbes. His fortune is estimated at more than 20 billion euros.

“Unforgettable contribution to Formula 1”

In 2005, Mateschitz successfully connected Red Bull with motorsport. That year, the company took over the British Jaguar Formula 1 team. After a few start-up years, the new Red Bull Racing Team won the world title for the first time in 2010 with driver Sebastiaan Vettel. Also in the following three years he became world champion. Max Verstappen won the World Championship for Red Bull this year and last.

According to the Formula 1 organization, it was “with sadness” that Mateschitz died. “The Red Bull co-founder made an unforgettable contribution to Formula 1 and left a lasting legacy.”

Mateschitz had been seriously ill for some time.