Why Decorated Gymnast Simone Biles Won’t Be Paid By The Olympics During The 2024 Summer Games
Why Decorated Gymnast Simone Biles Won’t Be Paid By The Olympics During The 2024 Summer Games
Simone Biles is anticipated to be part of her third U.S. Olympic team.
According to NBC News, the 37-time world and Olympic medalist’s “scoring potential is the highest of any gymnast in the world.” Therefore, she will most likely make the U.S. team in all-around, vault, and floor events.
However, despite her appearance, Biles will not be paid for her time at the upcoming Olympics, NBC Insider reports. The International Olympic Committee over the Games explained that operating under a for-profit model would harm the sports being featured as a whole, leading to the sports that generate more money having a stronger presence.
“Imagine if the IOC were to organize the Olympic Games on a for-profit business model,” the International Olympic Committee explained to NBC Insider. “The event would be limited to those sports that generate the most significant revenues, and it would not involve athletes representing teams from 206 NOCs [National Olympic Committees]. It would not be Olympic Games as we know them. Yet, it is precisely the tremendous range of sports and the global provenance of the athletes that distinguish the Olympic Games from other events and make them so successful. The Olympic Games are the only event that brings the entire world together in peaceful competition.”
However, athletes can still be awarded financial compensation by their home country. Per NPR, U.S. competitors in the Olympics and Paralympics can receive $37,500 for receiving a gold metal; $22,500 for silver; and $15,000 for bronze.
During Biles’ first appearance at the Rio Olympics in 2016, she earned less than what athletes make today. She earned $25,000 for each of her four gold medals and $10,000 for her bronze medal, Parade mentions. In 2021, she earned $37,500 ($22,500 for silver and $15,000 for bronze). In total, she has earned $147,500 from her seven Olympic medals.
Outside of the Olympics, Biles also has a string of endorsements that include Beats by Dre, Candid Dental, GK Elite, Hershey’s, Oreo, Kellogg’s, Mattress Firm, SK-II, Uber Eats, and Athleta, as AFROTECH™ previously reported. Most recently, she added on a partnership with K18 Hair, a biology-first haircare company, and serves as its brand ambassador.
“Simone Biles is synonymous with pushing boundaries and her impact extends far beyond her sport. As our newest brand ambassador, Simone will bring her transformative energy to K18,” Suveen Sahib, co-founder and CEO of K18, told Fashion Network. “This partnership is a testament to resilience, the power of science in elevating self-expression, and the belief that when we tap into our inner strength, anything is possible —whether it’s a gold medal performance or transforming the future of haircare.” Today, Biles’s net worth is estimated to be $16 million, per Celebrity Net Worth.