Tennis Legend Roger Federer Loses Billionaire Status Following Sneaker Share Price Drop

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 ...