However, after local authorities confirmed that there actually was no mugging… Ryan finally apologized for his inappropriate behavior on Friday morning (though still didn't technically take responsibility for falsifying a police report).
His privilege may be keeping him from seeing the severity of his actions right now, but we have a feeling that losing MILLIONS in endorsements may just drive the point home!
According to a Forbes estimate, the 32-year-old could say goodbye to anywhere between $5-$10 million in future wages if he loses contracts with brands like Ralph Lauren, Speedo, and Airweave due to potentially violating their morality clauses.
While the companies haven't officially cut ties with Ryan just yet, Speedo did release a statement regarding the controversy, saying:
"Speedo is a sponsor of Ryan Lochte (USA). Speedo is following the situation, and has a policy not to comment on ongoing legal investigations. We suggest you contact his team for additional information."