Rockstar founder Russ Savage reveals ~$300M stake in Celsius, demands CEO ouster; stock jumps 12%

Published Aug 10, 04:03 PM UTC

Celsius Holdings (CELH) stock surged about 12% on Friday, August 8, 2026, recovering from an 18% drop earlier in the week following a weak Q2 earnings report. The rebound was triggered by billionaire investor Russ Savage, founder of Rockstar Energy, who revealed a roughly $300 million stake (4.7% of the company) and publicly demanded the removal of CEO John Fieldly and other top executives. Savage, who sold Rockstar to PepsiCo for $3.85 billion in 2020, offered to step in as CEO himself. The activist push came after Celsius reported Q2 revenue of $817.9 million (up 11% but missing estimates of $886 million) and core brand sales declining 11.7%. Gross margin narrowed to 48.1% from 51.5%. Despite the rally, Celsius stock remains about 42% below its start-of-year level. The board has stated support for current CEO Fieldly, setting up a potential proxy fight.