Red Bull owner Dietrich Mateschitz celebrates with FC Red Bull Salzburg during the tipico Bundesliga match with SK Sturm Graz at the Red Bull Arena on July 1, 2020 in Salzburg, Austria.
Austrian billionaire Dietrich Mateschitz, the co-founder of energy drink company Red Bull and founder and owner of the Red Bull Formula One racing team, has died.
Officials with the Red Bull racing team at the United States Grand Prix in Austin, Texas, announced Mateschitz's death Saturday.
With the growing success of Red Bull, he significantly expanded his investments in sports, specifically motorsports and extreme sports, and Red Bull now operates football clubs, ice hockey teams and F1 racing teams.
Red Bull also has contracts with hundreds of athletes in various sports and a deep driver development program to get racers to the top level.