Ryan Lochte is getting a kick in the wallet for his story about a gunpoint robbery in Rio last weekend, a tale he admitted to Matt Lauer he "over-exaggerated."

Speedo announced they were dropping the swimmer and donating $50,000 from his sponsorship fee to Save the Children's efforts in Brazil.

The company said in a tweeted statement:

"While we have enjoyed a winning relationship with Ryan for over a decade and he has been an important member of the Speedo team, we cannot condone behavior that is counter to the values this brand has long stood for. We appreciate his many achievements and hope he moves forward and learns from this experience.

Soon after, Ralph Lauren, the brand that helps Team USA maintain their preppy exterior said they would not renew Lochte's contract after the Rio Games. Syneron-Candela, creators of a laser hair removal device, also said they were dropping the Olympian.

Lochte's 10-year deal with Speedo was set to expire this year, and the Ralph Lauren contract was only for the Rio Games.

In other Ryan Lochte news, at least one outlet is not ready to declare the 12-time medalist a liar. USA Today has pieced together a timeline that supports the swimmer's story and suggests that Brazilian police may also have exaggerated the claims of vandalism.

An extensive review of surveillance footage by a USA TODAY Sports videographer who also visited the gas station supports swimmer Gunnar Bentz’s claim that he did not see anyone vandalize the restroom, an allegation that in particular heightened media portrayals of the four as obnoxious Americans behaving recklessly in a foreign country. Meanwhile, Rio authorities have declined to identify the guards or offer any details beyond confirming they are members of law enforcement who were working a private security detail.

What was being reported as a vandalized restroom may have been nothing more than a torn poster and some pissing behind the gas station because the loo was out of order. Also, witness reports indicate that an armed security guard pulled a gun on the group to demand money for the damage.

In his interview with Lochte, Matt Lauer asked the swimmer if he was robbed in Rio. Though the 32-year-old Olympian perhaps fabricated details, it's clear he wasn't making up the encounter: “I can’t answer that because I don’t know if…I was intoxicated, so all I know is there was gun pointed at us, and we were demanded to give money.”

This international incident is starting to look like a game of broken telephone helped along by a language barrier, alcohol, entitlement, a mama's boy, some likely over-zealous police, and hungry media (hello!) looking for a circus.