Red Bull founder Dietrich Mateschitz passes away at 78

Dietrich Mateschitz, the owner of Red Bull and a titan in the energy drink industry who also founded a sports empire and a Formula One team, passed away on Saturday at the age of 78, the firm announced.

In addition to expressing "sadness" over the Austrian billionaire's passing, Red Bull also expressed "thanks for everything he accomplished."

Mateschitz, whose estimated net worth is $27 billion (27.4 billion euros), was ranked as Austria's richest person by Forbes in 2022.

In addition to its engagement in Formula One, where the team's Dutch driver Max Verstappen is the world champion for the second year in a row, Red Bull purchased the Salzburg football club in Austria in 2005 and Leipzig in Germany later that same year.

The head of the Red Bull Formula One team, Christian Horner, described Mateschitz as a passionate supporter and the "backbone of all we do" in his tribute.

"It is very, very sad," said Horner, speaking at the United States Grand Prix in Austin, Texas. "A great man, one of few of a kind, for what he achieved and he has done for many people around the world and across so many sports," he said.