Olympic swimmer Ryan Lochte was placed in boiling water after fabricating a story that he and his teammates were robbed. After it was proven that Ryan Lochte made things up, his behavior caused his net worth to significantly decrease in a span of one month.
Ryan Lochte lost four of his sponsors after the Rio Olympics 2016 scandal broke out. One of his biggest backers is Speedo, but the swimming gear company cancel his contract with them as it was explained that they no longer want to be affiliated with Ryan Lochte .
Speedo explained that they do not tolerate his unruly behavior. It was then mentioned that what Ryan Lochte did was on the company's stand and ethics.
"While we have enjoyed a winning relationship with Ryan for over a decade and he has been an important member of the Speedo team," Speedo wrote. "We cannot condone the behavior that is counter to the values this brand has long stood for."
Aside from Speedo, Ralph Lauren also announced that they would no longer renew Ryan Lochte for future projects, Ralph Lauren signed Ryan Lochte specifically for Rio 2016 Olympics, but the company announced that they would already cut their ties with the swimmer. Ralph Lauren also took down Ryan Lochte's photo on their Twitter page as reported by CNN.
Aside from the clothing line and the swim apparel, one of the biggest hair removal companies also ended their affiliation with Ryan Lochte . The company then mentioned that they hold their employees to high standards.
"We hold our employees to high standards, and we expect the same of our business partners," Syneron-Candela stated. "We wish Ryan well on his future endeavors and thank him for the time he spent supporting our brand."
Ryan Lochte's net worth was greatly affected the way he behaved during the 2016 Rio Olympics, which disappointed not only his sponsors but also his fans. As of Money Nation, the Olympic swimmer currently has $16.22 million, for his entire career, which mostly came from his endorsement deals. As of the recent incident, however, it was stated that his net worth took a huge dip.
