Figure skater Erin Jackson makes history after winning Olympic gold in Beijing

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(CNN) —

American speed skater Erin Jackson won the women's 500-meter gold medal at the Winter Olympics with a time of 37.04 on Sunday.

Jackson, 29, is the first American woman to win a speed skating gold medal at the Olympics since Bonnie Blair in 1994, as well as the first black woman to win an individual speed skating medal in the Olympics, according to Team USA.

The skater almost missed out on competing in the 500m at the Olympics after slipping during qualifying trials, but her teammate and friend Brittany Bowe gave up her own spot to ensure the world No.1 could go to Beijing, And it was worth it.

She finished 0.08 seconds ahead of Japan's Miho Takagi in second place and 0.17 seconds ahead of Angelina Golikova of the Russian Olympic Committee in third place.

Jackson reacts after his victory in the 500 meters.

"I cried right away, it was just a huge release of emotion. A lot of shock, a lot of relief and a lot of happiness. I haven't fully processed everything yet, but it feels amazing," Jackson told reporters.

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She added: "I had a little misstep on the back straight, but I just tried, I wouldn't say recover, because it wasn't anything big, I just tried to keep skating."

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At the US trials last month, Bowe had already qualified for the 1,000m and 1,500m in Beijing when he gave up his place on the team to Jackson for the 500m.

"Right after the race, I knew if I was giving up my spot for her to be named to the team, I would do it because she deserves it," Bowe told reporters earlier this week.

"He has earned the right to compete in his main event at the Olympics, and it was an honor to give him that spot for the opportunity to compete for gold for Team USA."

Brittany Bowe (left) and Erin Jackson look on during a training session at the Beijing National Speed ​​Skating Oval ahead of the Winter Olympics.

Jackson, meanwhile, spoke about the "rush of emotions" he experienced when Bowe stepped down from his spot, adding that "you don't really know what you feel."

After the race, he said the pair hugged: "She hugged me, said she was so proud of me and I just said thank you very much," Jackson said.

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Bowe ended up also competing in the 500 meters after other countries returned qualification slots for the Games and some were reallocated to the United States.

She was ranked 16th with a time of 38.04.

CNN's Wayne Sterling contributed reporting.

Beijing 2022 Olympics Skating