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Red Bull has announced the passing of co-founder Dietrich Mateschitz on Saturday, aged 78, following a long period of illness. CEO of Formula One, Stefano Domenicali, said in a statement: “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”. Domenicali continued: “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”. Mateschitz was a billionaire businessman, named as Austria's richest person by Forbes this year and 49% owner of Red Bull. While travelling in Hong Kong he discovered Krating Daeng, a sweetened, non-carbonated energy drink marketed by two brothers, the Yoovidhyas. A partnership between Mateschitz and one of the brothers, Chaleo Yoovidhya, was agreed to market the drink worldwide. Each took a 49% share, leaving Yoovidhya’s son with a 2% share. Red Bull was founded in 1984 and launched in Austria in 1987. Mateschitz was also co-founder of Wings for Life, a not-for-profit spinal cord research foundation, together with Heinz Kinigadner. Wings for Life was set up following accidents that left Kinigadner's son and brother paralysed. Mateschitz is said to have spent millions on acquiring and conserving houses and castles in the Austrian Alps from churches and families that could not afford their upkeep. In an interview with Kleine Zeitung newspaper in 2017, Mateschitz reflected on his various acquisitions, commenting: “I want to enjoy these places myself, but I also want to take care of them.” Red Bull KTM Factory Racing wrote on Twitter: “It’s with heavy hearts that today we pay homage to a friend, visionary and partner. Dietrich Mateschitz saw the world, sports and activities that matter to us unlike few people before and few are likely to again in the future.”