Tiger Woods is not the only one who blew big bucks with his image-busting cheating spree.

His losses are chump change compared with the up to $12 billion that the scandal has cost shareholders of his big-money sponsors like Nike, AT&T and Gatorade, a study revealed Monday.

"Total shareholder losses may exceed several decades' worth of Tiger Woods' personal endorsement income," said study author Victor Stango, a professor at the University of California Davis.

The study compared the stock prices of nine Woods sponsors with competitors and the overall market after the scandal erupted last month.

Investors in the three sports-related companies - video gamemaker Electronic Arts, Gatorade and Nike - fared the worst, experiencing a 4.3% drop in stock value.

On the other hand, Accenture, a global management consulting firm, experienced no measurable ill effects from Woods' fall from grace.