Celsius Holdings corporate and legal developments

Celsius Holdings has been the subject of significant corporate and legal developments involving high-profile figures.

Billionaire Russ Savage, founder of Rockstar Energy, acquired a 4.7% stake in the company, valued at approximately $300 million. Following a second-quarter earnings miss, Savage publicly called for the dismissal of CEO John Fieldly and other key executives, expressing a willingness to assume the CEO role himself. While Celsius shares initially dropped due to earnings disappointment, they rose 12% following news of Savage’s investment.

Separately, Russell Simmons reached a settlement with the U.S. Department of Justice to recover a portion of Celsius stock. The shares, part of a tranche valued at over $350 million, were previously held by the government following the federal prosecution of former Goldman Sachs banker Tim Leissner. The legal proceedings involve nearly 10 million shares stemming from a 2015 investment. Court filings indicate Simmons has committed to using at least $8.6 million of the proceeds to settle debts with creditors.