Tennis legend Roger Federer is no longer a billionaire, according to Forbes estimates, after a steep sell-off in shares of Swiss sportswear firm On Holding, in which he holds an equity stake. Following the release of weaker-than-expected Q2 financial results and downward revision to full-year growth guidance, On’s stock tumbled nearly 20% in one trading session. The slump erased around $52 million from Federer’s paper wealth, bringing his net worth down to $952 million.
Federer invested in On back in 2019 as a partner rather than merely an endorser. He took part in product development and co-launched the iconic The Roger footwear line. After On’s IPO on the New York Stock Exchange in 2021, rising share prices helped push Federer past the $1 billion net worth threshold in 2025.
On posted a 13% year-on-year sales increase in Q2 2026, yet the figure missed analyst consensus forecasts, prompting the cut to annual outlook. The loss is purely unrealized paper depreciation rather than crystallized losses. Federer’s wealth consists mainly of long-term endorsement deals plus his On shareholding. He remains close to the billion-dollar mark and could regain billionaire status should On’s share price recover.