Red Bull founder passes away from cancer illness

Dietrich Mateschitz, the Austrian billionaire founder and owner of Red Bull, has died aged 78 after a serious illness with cancer.

Considered to be the richest man in Austria, the entrepreneur built a global empire around the energy drink, Sky News reports.

Mateschitz's fortune is estimated at around €25bn, putting him 51st on Forbes' list of the world's richest people.

Formula 1 praised his "unforgettable contribution" to the sport and said he leaves behind a "lasting legacy".

Little is known about Mr Mateschitz's private life - he was publicity shy and rarely gave interviews.

He lived in Salzburg with his long-term girlfriend and once said years ago that he drank 10 to 12 cans of Red Bull a day.

After graduating from the University of World Trade in Vienna, he worked as a marketing specialist for various companies in the 1970s.

On his business trips to Asia, he got to know the market of energy and stimulant drinks, which at the time were still completely unknown in Europe and the US.

In 1984, together with Thai entrepreneurs, he founded Red Bull GmbH, in which he held a 49% stake.

After modifying the recipe of a Thai energy drink and developing a marketing concept, Red Bull was introduced to the market in 1987.

The group achieved a turnover of €7.8bn (£6.8bn) in 2021 and sold 9.8 billion Red Bull cans worldwide.

Mateschitz was the founder and owner of Red Bull Racing, a Formula 1 racing team based in Milton Keynes.