Roger Federer ‘no longer a billionaire’ after sportswear company’s share price plummets

According to a report from Forbes, tennis legend Roger Federer has temporarily lost his billionaire status due to one of the companies he's invested in.

Roger Federer may have fewer major titles than Novak Djokovic and Rafael Nadal, but he's widely considered the greatest tennis player of all time by many fans.

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Federer won more than $130 million playing tennis in prizes for his performances in various tournaments. However, his real wealth came off the court, from endorsement deals and shrewd investments.

A while back, Forbes announced that the Swiss legend had become a billionaire. Now, however, it seems he has temporarily fallen out of the club once again.

Roger Federer's net worth falls to $952 million after On Holding's share price falls

One of Federer's most prominent off-court business deals involves Swiss athletic shoe company On. The tennis legend owns 2.5% of the company, which he got as part of an endorsement deal.

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Federer's positions with companies like On and Uniqlo are what pushed him into billionaire territory, and now it seems their recent failure to meet targets has affected his bottom line.

"Federer's net worth fell to $952.4 million as of 12:30 p.m. on Tuesday, losing at least $52 million as On Holding's share price fell about 19% as of the same time," Forbes reported.

"The Swiss sportswear company reported net sales of 850.4 million francs (about $1.04 billion) for the second quarter on Tuesday, rising 13% but missing expectations of 878.4 million francs (about $1.08 billion)."

Federer is still close to billionaire status, and the report goes on to state there aren't any long-term concerns within the market regarding On as a company. He'll be back at billionaire status sooner rather than later.

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