Dietrich Mateschitz, the billionaire founder and owner of energy drink company Red bull, died at the age 78, Sky News reported on Saturday.

Formula One and the championship-leading Red Bull team also mourned the death of the energy drink company’s Austrian founder.

Red Bull Racing principal Christian Horner confirmed the news ahead of qualifying for the U.S. Grand Prix in Austin, Texas, where the team can clinch a fifth constructors’ championship.

“What he achieved and what he’s done for so many people around the world, across different sports, is second to none,” said the Briton.