03/19/2012 06:09 pm ET

Red Bull Founder Dies; How Chaleo Yoovidhya Created An Empire (VIDEO)

Red Bull co-founder and billionaire Chaleo Yoovidhya passed away Saturday at the age of 89. He owned 49 percent of the massive company that he created with Austrian entrepreneur Dietrich Mateschitz in 1984.

Mateschitz was travelling in Asia in the 80's when he discovered Chaleo's drink, Krating Daeng, which he found helped him cope with jet lag. The two businessmen teamed up, tweaked the formula to western tastes and added carbonation. Their unconventional advertising laid the foundation for a brand that would become the most successful energy drink maker in the world, spawning a new genre of beverages and earning a permanent place in pop culture.