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Dietrich Mateschitz, the inventor of Red Bull and owner of the firm that bears his name, passed away on Saturday at age 78 after a long and difficult battle with cancer. He was an Austrian millionaire.
His death was verified by the Red Bull Formulation One team currently dominating the championship.
The businessman, who was born in Styria, was widely regarded as Austria’s wealthiest individual after building a worldwide empire centered on the production of the cola Red Bull. It is reported that Mateschitz’s wealth is in the neighborhood of 25 billion pounds ($24.65 billion). This places him in the fifty-first position on the list that Forbes compiles of the wealthiest persons in the world.
The millionaire who built his fortune on his own was revered as a marketing mastermind. After receiving his degree in marketing from the School of World Trade in Vienna in the 1970s, he worked as a marketing expert for several different organizations.
During his professional travels around Asia, he became familiar with the market for energy and stimulant beverages. During that period, the United States and Europe did not know about these beverages. In 1983, he successfully obtained a license to sell such a beverage in Asia. After that, the next year, he co-founded Red Bull GmbH with the Thai business family Yoovidhya, of which he owned 49% part, along with other Thai businessmen.
Red Bull was first introduced to the public in 1987 after the formula for a Thai energy drink had already been modified and a marketing strategy had already been developed. After a challenging introduction to the market, the bubbly, sweet, carbonated beverage, whose flavor has been compared to jelly beans, quickly went to the top of the worldwide market and is now the dominant player there. 2021 was a successful year for the company overall, as it resulted in a turnover of billion euros and the sale of 9.8 billion cans of Red Bull throughout the globe.
The firm, which has its headquarters in Fuschl am See, Salzburg, is particularly well-known for its innovative advertising under the motto “Red Bull gives you energy.” The debut of Mateschitz into the market in the United States at the tail end of the decade was a significant step forward for the company. In modern times, the United States is responsible for selling every third can.
The business owner placed a significant emphasis on the beverage’s overall presentation. He connected the Red Bull name with extreme sports such as cliff diving, surfing, and mountain biking, which led to the Red Bull corporation being engaged as sponsorship in a number of these activities.
In addition, Mateschitz was the creator and owner of the Formula One racing team Red Bull Racing, which had its headquarters in Milton Keynes, United Kingdom. After he took management, the soccer team formerly known as SV Austria Salzburg is now called “Red Bull Salzburg.”
About Mateschitz’s personal life, not much is known to the public. He was uncomfortable with the spotlight and very seldom participated in interviews. He said in the past that he drank ten to twelve cans of Red Bull every day when living in Salzburg with her long-term partner and that he consumed the energy drink daily.
After his passing, it is unclear what effects the Red Bulls empire will experience as a result of his passing. Mark, his only son, is 30 years old and has recently held the managing director position at his father’s investing enterprises. He is being considered as a potential successor.
