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Speedo exit: Lochte loses first major sponsor since Olympics

RIO DE JANEIRO, BRAZIL - AUGUST 10: Ryan Lochte of the United States competes in the second Semifinal of the Men's 200m Individual Medley on Day 5 of the Rio 2016 Olympic Games at the Olympic Aquatics Stadium on August 10, 2016 in Rio de Janeiro, Brazil. (Photo by Jamie Squire/Getty Images)

Ryan Lochte lost his first major sponsor when Speedo USA announced it is dropping the swimmer over a drunken incident during the Rio Olympics that he initially described as an armed robbery.

As part of the decision, Speedo said Monday it will donate $50,000 of Lochte’s fee to Save The Children to benefit needy youngsters in Brazil.

Speedo says that while it had “a winning relationship with Ryan for over a decade and he has been an important member of the Speedo team,” it could not condone his behavior after the end of Rio’s swimming competition.

At first, Lochte said he and three swimming teammates were robbed after their taxi was pulled over by armed men posing as police. He has since apologized for embellishing his version of events.