Bad Stock Day Costs Federer Billionaire Status

Roger Federer just got bumped from the billionaire ranks. Forbes now pegs the retired tennis star's fortune at a measly $952 million after shares of Swiss sportswear firm On Holding, where he's a minority owner, slumped more than 20% on Tuesday. The drop erased at least $52 million from his estimated net worth.

The company's stock sank because it missed estimates for second-quarter sales, reports Reuters. On, which Federer joined as a co-owner in 2019, reported revenue of about $1.04 billion, up 13% but still shy of forecasts. Sales growth is on the rise all over the world, but it slowed to 13% in the "all-important Americas market," per Reuters. Federer, who earned about $131 million in prize money over his career, has about a 2.5% stake in On. Much of his net worth still comes from endorsement deals.