The new co-owner of Red Bull was named Europe's wealthiest young person.
The son of the man who created the Red Bull empire passed away three weeks ago.
His inheritance of the world's biggest energy drinks firm and two Formula 1 racing teams makes him a billionaire.
He is the fourth wealthiest young person in the world, and the richest one in Europe.
As of November 11, the richest person in the world was Mateschitz.
After graduating from the University of Applied Sciences in Salzburg, he started his own drinks business that makes beer and lemonade out of water from the oldest springs in Austria.
His father was a shareholder in Red Bull and bequeathed his entire stake in the company to his son. The family of the company's co-founder hold the rest of the business.
A board of directors would be in charge of Red Bull following the death of his father. He resigned from his position as Red Bull's head of organics because the project was very close to his heart.
He said in an internal memo that he doesn't think one should be an employee and shareholder of the same company. I will focus on my role as a shareholder and express myself in a way that makes sense to me.
Red Bull has gone on to become a titan of the drinks sector and a globally recognized brand with a presence in the gaming, sports, and entertainment industries.
The company sold almost 10 billion cans of its flagship beverage in a single year.
A Fijian island and castles in his home country of Austria were among the luxury assets bought by Dietrich Mateschitz.
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