Tennis icon Roger Federer has dropped out of the billionaire club following a 19% slump in the stock price of Swiss footwear company On on Tuesday. Federer holds a roughly 2.5% share in the brand, and the decline resulted in a $52 million hit to his personal fortune. According to Forbes, his net worth is now approximately $952 million, a decrease from the $1.1 billion valuation reported last year.
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