It's been 50 years since Don Vultaggio started his beverage company with his friend John Ferolito in a warehouse in Brooklyn, N.Y. The duo initially sold beer, but following the success of Snapple, they decided to expand to tea.
In 1992, they made their first bottles of AriZona teas.
Since then, Arizona Beverage Company has grown to produce many flavors of teas, juices, and energy drinks. However, their most iconic drink is the "Big Can" of AriZona iced tea, which retails for 99 cents.
Unlike his product, Vultaggio's net worth has increased over the years. So, what's he worth today?
Don Vultaggio bought out co-founder John Ferolito in 2015.
The conflict between Vultaggio and Ferolito began in the mid-90s when Vultaggio took over the day-to-day management and eventually Ferolito wanted out, according to The Street.
In 2005, Ferolito tried to sell his 50 percent stake in the company, but due to an owners' agreement, the sale was restricted to only members of the Ferolito or Vultaggio families.
In 2014, a New York judge ruled that the company must pay Ferolito and a trust benefiting his son about $1 billion to buy out his half of Arizona Beverage Company, Reuters reported.
At the time, AriZona was valued at approximately $2 billion.
Don Vultaggio's net worth is estimated at $4.4 billion today.
Since that ruling, Arizona Beverage Company's valuation has increased to $3 billion, and according to Forbes, Vultaggio is worth an estimated $4.4 billion.
Recently, Vultaggio revealed he had no intention of raising the price of his 99-cent iced teas, despite the increasing inflation.
Co-founder and CEO AriZona Beverage Company
Net worth: $4.4 billion
Don Vultaggio is the co-founder and CEO of Arizona Beverage Company and a billionaire businessman.
Birthplace: Brooklyn, N.Y.
Marriage: Irene Vultaggio
Children: Wesley Vultaggio, Spencer Vultaggio
"What I’m hearing lately is a lot of companies reporting earnings and their earnings are up because they have raised the price," he said on Cavuto: Coast to Coast. "I don’t think people need another price increase right now."
He went on to add, "I built a business on planning for the worst and hoping for the best and when you get into a tough time like this, you’re able to, maneuver through it."
Today, Arizona Beverage Company is a family business that Vultaggio runs with his sons.
Vultaggio's two sons, Wesley and Spencer, are now co-owners of the beverage company alongside their dad, and the family is focused on expanding — and staying relevant.
"Spencer is the chief marketing officer, and I’m the chief creative officer and we work in tandem to bring new products to market. He oversees all of our social media and marketing, and I oversee creative and label design," Wesley Vultaggio told Forbes in 2021. "We work together to get all the newer products out and marketed correctly, to get visibility and eyes on them."
And the brand is stronger than ever. "Now that we’re completely family-run, within our family, we’ve changed labels, we’ve changed flavor systems, we have different packaging, we’ve improved everything basically and business has been phenomenal," Wesley added. "The sky is the limit to where we could bring our brand."