Simone Biles shocked the world in 2021 when she announced her withdrawal from the women’s gymnastics team final at the Tokyo Olympics. Biles cited mental health problems as the reason.
Arguably the world’s best gymnast, Biles had arrived in Tokyo as the clear favorite to win a medal or two.
Biles’ decision to not compete at the Olympics definitely affected her career. The seven-time Olympic medal winner’s decision came as a bolt from the blue. Apart from losing the chance to extend her lead as the most decorated gymnast in history, Biles also took a financial hit with the decision.
At only 25, Simone Biles remains one of the most popular names in the sports world. The young gymnast continues to earn hefty sums in endorsements despite being inactive for nearly a year.
However, the Olympian lost a major sum in bonuses and prize money last year. Biles did earn from the tournament, but it was less than what she was projected to earn.
According to the US Olympic and Paralympic Committee’s (USOPC) website, US athletes earn $37,500 for each gold medal won at the 2020 Olympics. The athletes earn $22,500 for a silver medal and $15,000 for bronze. Furthermore, the earnings of the wins are evenly for team sports. Biles would have won $9,375 if she helped propel the team to a gold medal.
The US quartet settled for silver and earned $22,500 for the medal. As part of the team, Simone Biles pocketed $5,625, despite her withdrawal. Now, many believe that Biles had the potential to win individual gold and drive her team to the top prize as well. She could have defended the all-round gold medal she took home at the 2016 Rio Olympics.
According to calculations, Biles stood a chance to win $46,875 for one team gold and one individual gold. She could’ve also settled for $43,125 for one team silver and one individual gold. However, the athlete chose to announce her withdrawal from the event before competing in the finale.
However, it is pertinent to note that Biles arrived at the Tokyo Olympics as one of the most marketable athletes. She reportedly earned over $5 million in endorsements throughout the year.
Simone Biles’ net worth continues to grow
Simone Biles’ net growth has been growing despite her withdrawal from the Tokyo Olympics. The ace gymnast recently became the youngest recipient of the Presidential Medal of Freedom.
According to Celebrity Net Worth, she is worth around $16 million. The majority of the gymnast’s earning comes from her partnership with Athleta, the athletic clothing arm of Gap.
Biles also endorses over 12 brands including Visa, United Airlines, Mondelez’s Oreo brand, Core Power fitness shakes, Candid teeth aligners, GK Elite Gymnastics apparel, and Spieth America gymnastics equipment, Uber Eats and MasterClass among others.
Simone Biles has established herself as a corporate endorser on social media. The Olympic medalist enjoys over 6.5 million followers on Instagram. It is noteworthy that her following is fast-growing. Even though Biles doesn’t make earn prize money from winning competitions anymore, her net worth continues to grow.