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A year ago, the Swiss tennis icon had joined the billionaire athlete club with an estimated net worth of $1.1 billion, according to Forbes.

The majority of this accumulated wealth stemmed from the 3% stake that Federer has held in On since partnering with the rapidly growing sportswear company in 2019.

At one point, On’s market capitalization approached a staggering $15 billion, pushing the value of Federer’s equity past the $375 million mark.

Although the company recently announced record sales, its latest business results failed to meet the market’s high expectations. This forced On to lower its overall revenue forecast.

The company’s stock price immediately plunged by nearly 20% in a single trading session on Aug. 11. This drastic drop wiped $52 million off Federer’s wealth in a short time, bringing his net worth down to $952 million and temporarily stripping “FedEx” of his billionaire title, New York Post reported.

Federer’s recent departure from the list reduced the total number of athletes worldwide with a ten-figure net worth to just eight.

This elite group includes former tennis player Ion Tiriac, basketball legends Michael Jordan, Magic Johnson and LeBron James, golf icon Tiger Woods, and football superstars Cristiano Ronaldo, Lionel Messi and David Beckham.

LeBron, Woods, Ronaldo and Messi are among the few to have reached this financial milestone while still actively competing at the professional level.

Although Federer has temporarily dropped out of the billionaire ranks, his financial status remains strong, thanks to massive revenue streams over the years.

Over an illustrious 24-year career with 103 titles, he amassed nearly $131 million in tournament prize money and around $1 billion in pre-tax income from highly lucrative sponsorship deals.

After parting ways with Nike in 2018, Federer signed a record-breaking 10-year, $300 million contract with Uniqlo. This move paved the way for his highly successful venture into the mass-market sportswear sector with On.

Alongside partnerships with premium brands such as Rolex, Mercedes-Benz, Lindt, and Moët & Chandon, Federer was the world’s highest-paid tennis player for 16 consecutive years. He also topped the list of the world’s highest-earning athletes in 2020.