Tennis icon Roger Federer has reportedly fallen out of the billionaire club after a sharp decline in the share price of Swiss sportswear company On Holding, in which he owns a significant stake.

According to Forbes, On Holding’s shares dropped by about 19 per cent following weaker-than-expected sales, resulting in a substantial reduction in the value of Federer’s investment.

The decline is estimated to have wiped at least $74 million from the former world No. 1’s wealth, based on his publicly reported 2.5 per cent ownership in the company.

Federer’s estimated net worth has consequently fallen to around $1.35 billion, according to Forbes’ latest assessment. The tennis star had previously been estimated to have a fortune of about $1.1 billion at an earlier point, with the value of his assets fluctuating alongside his investments and business interests.

On Holding, founded in Zurich, Switzerland, began trading publicly on the New York Stock Exchange in 2021. Its market value surged significantly in the following years as the company expanded beyond specialist running shoes to become a major international athletic footwear and sportswear brand.

Federer became involved with On in 2019, joining the company as a co-owner while also contributing to the development and positioning of its products. His association with the brand became particularly prominent through The Roger, a footwear collection inspired by his career and personal style.

The former Swiss tennis star’s business interests have played an important role in building his wealth since retiring from professional tennis.

Federer ended his illustrious tennis career with 20 Grand Slam singles titles, including a record eight Wimbledon championships. He also accumulated more than $130 million in career prize money, in addition to substantial earnings from sponsorships and endorsement agreements.

While the fall in On Holding’s share price has reduced the value of Federer’s stake, his extensive investment portfolio, endorsement deals and other business interests continue to make him one of the wealthiest retired athletes in the world.