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The Story Behind Roger Federer’s Bet on On That Became a $300M Fortune

Roger Federer invested roughly $50 million in On in 2019. His stake is now worth about $310 million despite the sneaker maker’s recent slump.

Tennis legend Roger Federer earned nearly $131 million in prize money over his 24-year career. But one of his most lucrative moves came off the court. In 2019, he invested in On, the Swiss running-shoe company he joined as what the brand calls a “co‑entrepreneur.” On has never disclosed the terms, but previous reports said Federer invested roughly $50 million for an estimated 3 percent stake. At recent valuations, that position would be worth about $310 million.

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It’s been a tough year for the sneaker company, however. Its share price is down nearly 40 percent in 2026 and plunged earlier this month after an alarming quarterly earnings report. Forbes estimated that Federer’s fortune fell by........

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