Federer loses billionaire status as On shoes share price slumps

According to US business magazine Forbes, former Swiss tennis star Roger Federer is no longer a billionaire, following a slump in the share price of the Swiss sports footwear manufacturer On. Forbes estimates that Federer’s net worth fell to around US$949 million after shares plunged in the Swiss company in which he holds a stake. + What does ‘Made in Switzerland’ mean exactly? On shares had at times fallen by around 19% on the New York Stock Exchange on Tuesday. This was triggered by the…