Rockstar founder Russ Savage reveals ~$300 mln Celsius stake, demands CEO removal; shares surge 12%

Published Aug 10, 04:03 PM UTC

Celsius Holdings (CELH) shares surged about 12% on Friday after billionaire investor Russ Savage, founder of Rockstar Energy, revealed a roughly $300 million stake (4.7% of the company) and publicly demanded the removal of CEO John Fieldly and other top executives. The rally reversed an 18% drop from Wednesday following a weak Q2 earnings report, where revenue of $817.9 million missed the $886 million consensus and core Celsius brand sales fell 11.7%. Savage, who sold Rockstar to PepsiCo for $3.85 billion in 2020, offered to step in as CEO himself, citing lost investor trust. The board has expressed support for Fieldly, setting up a potential proxy fight. Celsius stock remains about 42% below its start-of-year level.