The co-founder of Red Bull, Dietrich Mateschitz, has died at age 78, Formula 1 confirmed on Saturday. Mateschitz, an Austrian billionaire, also owned a Formula 1 (F1) racing team, branded as the Red Bull team, since 2005.

With Red Bull, "inspired by functional drinks from East Asia," Mateschitz and co-founder Chaleo Yoovidhya developed a "completely new product category" — energy drinks — in the mid 1980s, according to the company's website. They sold their first can in 1987.

Mateschitz's net worth was estimated to be $27.4 billion by Forbes in 2022. Last year, the company sold 9.8 billion cans worldwide — enough to provide caffeine to more than 80% of the planet, according to Forbes.

Mateschitz also used the Red Bull brand on several different business ventures, including extreme sports, stunts and teams like his F1 car racing squads.

Red Bull's first sporting event was a so-called Dolomitenmann in 1988. The team race includes a run up a mountain, a paragliding section, a biking section and a kayaking section.

Red Bull signed its first athlete in 1989, F1 driving legend Gerhard Berger. The company continues to sponsor extreme sporting events, such as cliff diving, and daredevils like Felix Baumgartner, who plunged from the edge of space down to Earth in 2012.

Mateschitz's stake in two racing teams, Red Bull Racing and Toro Rosso, is estimated to be worth $350 million, according to Forbes.

Red Bull confirmed Mateschitz's death to F1 just ahead of the team's qualifying for the United States Grand Prix. "I am deeply saddened by the news that Dietrich Mateschitz, a hugely respected and much-loved member of the Formula 1 family has passed away," Stefano Domenicali, president and CEO of Formula 1, said in a statement.

"He was an incredible visionary entrepreneur and a man who helped to transform our sport and created the Red Bull brand that is known all around the world."

Max Verstappen, who races for Red Bull, won the United States Grand Prix on Sunday. "This one is for Dietrich," he tweeted after the win.

Mateschitz also founded the Wings for Life foundation alongside motocross champion Heinz Kinigadner, whose son had a tragic accident which left him tetraplegic. The foundation works to find a cure for spinal cord injuries. His son Mark D. Mateschitz sits on the board.

Mateschitz was known for his low-profile personal style, often dressing casually in jeans and rarely giving interviews, according to the news agency AFP. He never married and Mark was his only child.

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