Business

Rockstar founder, 50, just received a $ 3 billion check from PepsiCo

Rockstar energy drink

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He failed as a politician. He couldn't sell his business idea to a vodka company. And he mortgaged his house for $ 50,000 to start a business that everyone said flop.

But today, Russell Weiner is a cash-rich billionaire after selling Rockstar Energy Drinks to PepsiCo for $ 3.85 billion. According to press reports, Weiner owned 85% of the company, so its payment will be more than $ 3.2 billion. The remaining 15% of the business is owned by her mother, Janet, who was the CFO. Pepsi and Weiner declined to comment on Weiner's payment or participation.

The deal ends one of the great stories of careless entrepreneurs in the business world and instantly creates a huge cash fortune for a 50-year-old rebel with spiky hair famous for his yachts, his collection mansions and a multitude of super-models still touting its products. "I am proud of what we have built and how we have made a difference in the energy sector," Weiner said in a statement this morning.

Like many entrepreneurs, Weiner's original life plan did not work. Born and raised in Marin County, California, Weiner is the son of the famous conservative radio host Michael Savage and inherited his father's passion for politics. After graduating in political science from San Diego State University, Weiner ran for the State Assembly of California, but lost. He went to work for Skyy Vodka and presented the company on the idea of setting up an energy drink business. Skyy refused.

So according to Forbes and other reports, Weiner took out a $ 50,000 mortgage on his condo, developed a drink and painted an old limousine with the Rockstar Energy logo to distribute and promote the drink around San Francisco in 2001. While the industry experts said the energy drink space was already saturated by Red Bull and Monster, Rockstar came in at a lower price with a 16-ounce can, twice the size of a Red Bull.

Weiner's combative personality was both an asset and a curse. A distribution agreement with Coca-Cola in 2005 then collapsed over strategy and frequent conflicts. Weiner also didn't spend the marketing dollars that Red Bull and Monster spent on choosing to sponsor wakeboard, motocross and surf athletes, and deploying young models dressed in gold and black bikinis.

As Rockstar grew, so did Weiner's lifestyle. Although Rockstar is based in Las Vegas, Weiner lives in Florida (so he probably won't have to pay state income tax on his billions). He bought a collection of mansions, including a $ 20 million mega-home in Miami Beach and a beachfront estate in Delray Beach for $ 11.6 million. He has since listed the two houses for sale. He also renovated a mansion in Beverly Hills that he had listed in 2017 for $ 45 million.

Weiner is also famous for his 161-foot yacht, "Rockstar". The yacht briefly made the headlines in 2014 when it passed under a drawbridge in Florida which collapsed, damaging one side of the yacht. The yacht was then put up for sale for $ 17 million, and it is unclear if Weiner is still the owner.

What will he do now with all his money? Since neither Pepsi nor Weiner specifically said in the statement that he would continue to run the business, it is possible that Weiner is turning to its next chapter. Whether that includes politics or some other business idea remains to be seen. Either way, he won't have to mortgage any of his homes.

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