Tennis legend and 20-time Grand Slam champion Roger Federer has lost his billionaire status following a sharp decline in the share price of luxury sneaker brand On Holding.
According to the financial media outlet Forbes, the Swiss athletic footwear brand suffered a 19 per cent drop in its stock price on the New York Stock Exchange due to lower-than-expected sales forecasts.
The market downturn reduced Federer’s fortune by at least $52 million. The eight-time Wimbledon champion holds a well-publicised 2.5 per cent stake in the Zurich-based company, which he joined in 2019 as a co-owner and casual fashion consultant.
Following the stock decline, Forbes estimates Federer’s net worth has dropped to approximately $952 million, down from his previous valuation of $1.1 billion.
The majority of the tennis star’s wealth stems from his career earnings and lucrative endorsement deals. Before retiring, Federer accumulated over $130 million in tournament prize money alone, making him one of the highest-earning athletes in sports history.
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