All of Ryan Lochte's sponsors have dropped him

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Speedo announced Monday that it will no longer sponsor Ryan Lochte. Soon after, Ralph Lauren followed suit, saying it wouldn't renew its sponsorship of the Olympic swimmer. By Monday afternoon, Lochte lost all of his sponsors.

Lochte admitted on Saturday that he "overexaggerated" a story about being robbed at gunpoint at a gas station in Rio during the Olympics. There were conflicting reports about the incident with some accusing Lochte and three of his teammates of vandalism.

Lochte released a statement last week apologizing for what he had done.

But Speedo USA said Monday it "cannot condone behavior that is counter to the values this brand has long stood for." Speedo USA will be donating $50,000 of Lochte's sponsorship to the charity Save The Children to benefit children in Brazil.

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The official response regarding our sponsorship of Ryan Lochte. pic.twitter.com/0DdP2RyceD

Less than two hours later, Ralph Lauren released the following statement saying it would not renew Lochte's contract. 

On Monday afternoon, mattress company Airweave tweeted that they were ending their sponsorship of Lochte. He also lost his sponsorship deal with Gentle Hair Removal parent company Syneron-Candela, ESPN's Darren Rovell tweeted.

NOW WATCH: Speedo drops Lochte — will donate $50,000 of his fee to benefit children in Brazil

See Also:

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• Ryan Lochte apologizes — but still claims he was held at gunpoint and asked for money