Roger Federer has dropped out of the list of billionaires after the stock price of On Holding - a Swiss sportswear company in which this tennis legend owns a significant stake - plummeted sharply.
According to Forbes estimates on Tuesday (August 11), Federer's net worth fell to $952.4 million after On's stock fell about 19% due to lower-than-expected Q2 earnings reports.
This decline wiped out at least 52 million USD from Federer's estimated assets in just a few hours. This also shows how closely the Swiss legend's assets are now linked to the business performance of the company he has been co-owning since 2019.
Federer became a billionaire for the first time in 2025, in which his stake in On played a major role in helping his assets surpass the 1 billion USD mark.
On reported net revenue reaching 850.4 million Swiss francs (1.04 billion USD) in the second quarter, up 13% compared to the same period last year but lower than the 878.4 million francs forecast by analysts.
Reacting to this result, investors sold off, causing the company's stock to fall nearly 1/5 of its value and immediately affect Federer's assets.
However, On's latest business results report still has some bright spots. The company recorded a net profit of 105 million Swiss francs (compared to a loss of 40.9 million francs in the same period last year), while the gross profit margin increased from 61.5% to 65.4%.
Federer's assets still largely depend on On
Federer is estimated to own about 2.5% of On Holding's shares, making this investment one of the main pillars in his retirement assets.
The relationship between him and On far exceeds a traditional brand representative contract, when the 20-time Grand Slam champion deeply participates in the activities of this Swiss brand with the founders.
This business relationship has become increasingly important since Federer retired from his professional tennis career in 2022.
During 24 years of competition, he has accumulated about 131 million USD in prize money, but commercial contracts continue to bring him huge revenue. Long-term partners, including a contract with Uniqlo, help Federer maintain his position as one of the highest-paid athletes in the world even after retirement.
However, the investment in On was the factor that created the biggest leap for his assets, helping Forbes estimate that he surpassed the billionaire mark last year.
The recent decline means Federer is currently short of about 47.6 million USD to reach this milestone again. If On stock recovers, his assets can completely return to the threshold of over 1 billion USD.
Federer's retirement schedule is still very busy. The Swiss player is expected to return to Shanghai to participate in a special performance doubles match at the Shanghai Masters.
He will pair up with Chinese women's legend, Li Na, to face two former world No. 1s, brothers Marat Safin and Dinara Safina, in the Roger & Friends Celebrity Doubles exhibition match on October 16.
This event continues Federer's vibrant year, when he returned to the Australian Open to participate in a performance and appear at Wimbledon. He is also expected to accompany John McEnroe, Andre Agassi and Andy Roddick during US Open Fan Week at Arthur Ashe's court.
