Rockstar Energy founder builds Celsius stake, wants to take over as CEO - CNBC
Russ Savage, the founder of Rockstar Energy, has acquired a 4.7% stake in Celsius Holdings and is calling for a leadership overhaul following the company's recent earnings miss. Celsius shares dropped 18% after the company reported lower-than-expected revenue and net income.
Why it matters
This highlights a significant activist investor challenge against a high-growth consumer brand during a period of market volatility.
The billionaire founder of Rockstar Energy has purchased millions of shares of Celsius Holdings and is calling for the ouster of that company's CEO after its earnings miss this week.
Russ Savage now controls more than 12 million shares of Celsius, he told CNBC. Celsius markets its energy drinks to athletes and health-conscious consumers and has exploded in popularity in recent years.
Savage founded Rockstar in 2001 and sold it to PepsiCo in 2020 for a final purchase price of more than $4 billion, he said.
Savage's stake in Celsius amounts to roughly 4.7% of the company and would be worth about $300 million at current stock levels. While Savage has been quietly advising Celsius to change its cost structure and marketing strategy for over a year, he now says new leadership is needed.
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