Roger Federer ranked among the best tennis players in the world, and he turned the fortune he built on court into a sprawling business empire.
The Swiss became a shareholder in fashion brands, set up an agency to represent athletes and even launched his own tournament, the Laver Cup.
Now the newspaper "Sport" reports that Federer has lost his billionaire status. The cause is a slump in the shares of On Holding, the Swiss brand specialising in shoes and sportswear, in which he holds a stake of around 2.5%.
On has been one of his biggest business successes since he tied himself to the brand in 2019. Federer bought a chunk of the company's shares, and he did far more than inject capital. He worked on some of the collections too, helping design a number of products including The Roger tennis shoe line.
His stake in the company once topped 500 million dollars. Then, just four days ago, the shoe firm's shares tumbled by 19%, wiping more than 52 million dollars off the value of his holding.
The collapse followed On's financial results for the second quarter, with net sales coming in below expectations.
Forbes report that Federer's fortune fell from around 1.1 billion dollars to about 952 million dollars.
That single drop in the share price cost Federer at least 52 million dollars from the value of his stake in the company.