Rockstar Founder Russ Savage Buys 4.7% Stake in Celsius

Billionaire and Rockstar Energy founder Russ Savage has acquired a 4.7% stake in Celsius Holdings, purchasing more than 12 million shares valued at approximately $300 million. The move follows a second-quarter earnings miss that caused Celsius shares to plunge 18%.

Savage is publicly calling for the termination of CEO John Fieldly, the COO, and the brand and marketing managers. He has volunteered to take over as CEO, arguing that the company is hindered by excessive management layers and a lack of accountability. Savage warned that losing retail shelf space in the energy drink market is often irreversible.

CEO John Fieldly attributed the financial shortfall to a pause in innovation and a product rationalization program conducted while integrating the Rockstar and Alani Nu brands. While Savage began building his position in March because he believed the stock was undervalued, he now claims that management missteps have severely damaged the company's value.