Redbull founder, Chaleo Yoovidhya dies at 89

Red bull which has been sparing wings to millions of people worldwide with a energy drink, has lost it's founder today.

One of the richest person in Thailand (ranking 3rd among the billionares) has been reported dead in Thailand by media. Thai state television broadcaster MCOT said that Chaleo Yoovidhya died of natural causes on Saturday. It cited an executive at the Thai Beverage Industry Association.

Chaleo founded T.C. Pharmaceuticals. In the 1970s, it formulated an energy drink prototype called Krathing Daeng, or Red Bull in English. It was popular among Thai truck drivers and laborers.

Chaleo then co-founded a company in 1984 with an Austrian partner who helped turn Red Bull into a global brand.

Chaleo was the 205th richest man in the world with a net worth of $5 billion, according to Forbes magazine's 2012 ranking. The Bangkok Post said that he was the third richest man in Thailand.

Religious rites were expected to begin Sunday and continue through until March 24 at Wat Kreuwal Voraviharn, the newspaper said.