Dietrich Mateschitz, the Austrian billionaire founder and owner of Red Bull, passed away at the age of 78 following a serious cancer battle.

Considered Austria's wealthiest individual, the entrepreneur built a global empire around the energy drink.

Mr. Mateschitz is ranked fifty-first on Forbes' list of the world's richest people, with an estimated wealth of approximately €25 billion (£21.8 billion).

Formula 1 lauded his "incalculable contribution" to the sport and said he leaves a "lasting legacy."

Mr. Mateschitz was publicity shy and rarely gave interviews, so little is known about his personal life.

He lived in Salzburg with his long-term girlfriend and stated years ago that he consumed 10 to 12 Red Bull cans per day.

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

During his business trips to Asia, he learned about the market for energy and stimulant drinks, which, at the time, was unknown in Europe and the United States.

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

Red Bull was introduced to the market in 1987, following the modification of a Thai energy drink recipe and the development of a marketing strategy.

After a difficult market entry, the bubbly, carbonated, sweet beverage whose flavor is compared to that of gummy bears rose to become the global market leader.

In 2021, the group generated a €7.8bn (£6.8bn) profit and sold 9.8 billion Red Bull cans worldwide.

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

Red Bull team principal Christian Horner told Sky Sports News that they would "do our best for him" during this weekend's races after learning of his death just before qualifying for the United States Grand Prix.

He added, "It is incredibly tragic. What a fantastic man. So many drivers, so many team members, and so many people in this pitlane owe him a tremendous amount of gratitude for everything he has done and everything he has supported us with over the years.

"It is essential that we honor and acknowledge his contribution. A truly remarkable man, a source of inspiration, and one to whom we owe a tremendous debt."