Federer Knocked Out of Billionaires' Club Amid On Holding Stock Plunge
Tennis legend Roger Federer has taken a financial hit after shares in On Holding plummeted nearly 19% on Tuesday. The decline cost him an estimated $52 million, knocking him out of the billionaires' club for now.
Federer's overall fortune now sits at approximately $952.4 million, down from his peak of around $1.1 billion last year. He holds a 2.5% stake in On Holding, which is closely tied to its market performance.
The company's latest quarterly results fell short of market forecasts, with net sales reaching 850.4 million Swiss francs, a 13% year-on-year increase but missing analyst expectations of 878.4 million francs.
Despite the revenue shortfall, On Holding reported notable improvement in its underlying financial health, with net income increasing to 105 million Swiss francs and profit margins climbing from 61.5% to 65.4%. The company has revised its full-year gross margin target upwards to 65%, suggesting a broader trajectory of growth.