Topline
Tennis legend Roger Federer is no longer a billionaire, Forbes estimates, after the share price for On Holding, the sportswear company he owns an equity stake in, plunged on Tuesday morning as the company reported missed sales expectations during their second quarter.
Federer’s net worth fell below $1 billion as the share price for On Holding fell 19% after missing net sales expectations.
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Key Facts
Federer’s net worth fell to $953.4 million as of 10:40 a.m. on Tuesday morning, losing at least $51 million as On Holding’s share price fell about 19% as of the same time.
The Swiss sportswear company reported net sales of 850.4 million francs for the second quarter on Tuesday, the Wall Street Journal reported—rising 13% but missing expectations of 878.4 million francs.
This is a breaking story and will be updated.