During the sugar crash, Caleb tried different sugar substitutes like molasses. The taste was always inferior to the original. After WWI ended, sugar prices went from $0.03 to $0.28 per pound. Caleb bought a large amount of the expensive sugar and pepsi went bankrupt on May 31, 1923. Pepsi's assets were sold to the Craven Holding Corporation for $30,000. Caleb returned to his drugstore ans worked full time untill he died of a long term illniss on February 19th, 1934. The loft Candt company loft president Charles G. Gunth nought Pepsi Cola in 1931. He tinkered with the recipe, struggled to make Pepsi a sucess, and offered to sell Pepsi to Coca Cola, but they refused. Sales increased when 12-ounce bottles were sold for $0.05, a penny cheaper than most other drinks. In 1964, The company revealed Diet Pepsi and aquired Mountain Dew. The next year, the company merged with Frito Lay, becoming Pepsico.