Four major sponsors dropped US Olympic swimmer Ryan Lochte after a drunken scandal that he initially tried to pass off as a robbery incident, triggering an outrage in Rio where street crimes were considered a major issue during the preparation for 2016 Olympics.

Swimsuit company Speedo USA, fashion giant Ralph Lauren, Japanese mattress creator Airwaves and skin care firm Syneron-Canada announced they were not renewing contracts with Lochte almost in succession (less than three hours apart), according to a report from Associated Press.

Ryan Lochte has since apologized and acknowledged he exaggerated the story.

"I was immature and I made a stupid mistake," he said in an interview on the "Today" show.

"I'm human. I made a mistake and I definitely learned from this," he added.

On his original statement, Lochte said he and his teammates, Gunnar Bentz Jack Conger, and Jimmy Feigen, were robbed by armed men posing as policemen when they pulled over a stop on a now infamous gas stop in Rio.

However, police investigations revealed that they were actually from a late night party after their stint in the 2016 Olympics and never reported the incident to the authorities. A video from a CCTV camera also showed the athletes in a heated argument with the security guards due to vandalism.

"They (the people of Rio) put on a great Games... And my immature, intoxicated behavior tarnished that a little," Lochte added on the interview.

AP further reported that the incident has cut Lochte's short-lived marketability.

Speedo is removing Lochte as their brand endorser, while Ralph Lauren had removed his profile on their website.

UK-based Speedo US unit also said on Monday it would donate $50,000 of Lochte's fee to Save the Children charity, Reuters reported.

However, this is not the end of the repercussions.

The incident endangered Lochte's chance of participating in the 2020 Tokyo Olympics and he may also possibly face legal charges in Brazil.

The twelve-time Olympic medalist helped the US Olympic team grab gold in the 4x200m medley relay in the 2016 Rio Olympics.

Below is Lochte's interview on the "Today" show: