Dietrich Mateschitz, Red Bull's owner and co-founder, died after a long illness. On Saturday, his Formula 1(F1) Racing Team and Redbull's website confirmed the news. 

Mateschitz co-founded Red Bull with Chaleo Yoovidhya, who had created and sold a similar drink in Thailand called Krating Daeng. They adapted the recipe to appeal to Western audiences. According to Red Bull's website, 9.8 billion Red Bull cans were sold in 2021.

Mateschitz earned his bachelor's degree in marketing from the Vienna University of Economics and Business in 1972. He then worked for Unilever and a cosmetics company before joining Yoovidhya to co-found Red Bull in 1984. 

The first Red Bull was sold in 1987, and Krating Daeng is still being sold in Thai markets with the same logo seen on Red Bull cans in the West.

Mateschitz spearheaded the company's entry into extreme sports, particularly F1 racing. Red Bull debuted in Formula One in 1995, initially partnering with Sauber. Mateschitz bought the Jaguar Racing Team and renamed it Red Bull Racing in 2004.

The team has since won four constructor cups and could win a fifth at the US Grand Prix last Sunday. During Mateschitz's ownership, Red Bull Racing has also won six driver championships.

Mateschitz also owns four football clubs: Red Bull Salzburg, New York Red Bulls, Red Bulls Brasil, and Leipzig Football Club, as well as two ice hockey clubs: EHC München and EC Red Bull Salzburg.