Olympics 2012: Michael Phelps Loses Gold Medal to Teammate Ryan Lochte in 400 Individual Final

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16-time Olympic medal winner Michael Phelps has been dethroned by U.S. teammate Ryan Lochte in the 400-meter individual medley at the 2012 London Olympics, ending his gold medal reign after two consecutive wins.

Lochte, 26, finished first in the finals in 4:05.18, three seconds ahead of silver medalist Thiago Pereira of Brazil. Japan's Kosuke Hagino took home the bronze.

Where did Phelps place?

The 27-year-old Olympic swimmer placed fourth, finishing with a time of 4:09.28

Phelps already had difficulties qualifying for the finals Saturday morning when he placed eighth -- and final -- spot in his heat. He clocked in at 4 minutes, 13:33 seconds -- just seven-hundreths of a second ahead of Hungary's Laszlo Cseh.

However, don't count the swimmer out just yet. If Phelps wins medals in his next three swims, he will surpass Soviet gymnast Larisa Latynina as the most decorated Olympian in history.

The Olympian champion took it in stride wishing his teammate well and saying tomorrow is a new day on his Twitter account.

Congrats to @ryanlochte ... Way to keep that title in the country where it belongs!!

— Michael Phelps (@MichaelPhelps) July 28, 2012

Learn more about Phleps -- and the rest of Team U.S.A. -- below.

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