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The word for today is…
abdicate (verb):
1: to relinquish (something, such as sovereign power) formally
2: to cast off : discard
Source : Merriam -Webster
Etymology :If you need a term to describe formally throwing in the towel, this one should prove—perhaps ironically—a royal success. Coming from the prefix ab- (meaning “from,” “away,” or “off”) and the Latin verb dicere (meaning “to speak”), abdicate is used primarily for those who give up sovereign power or who evade a very serious responsibility. English has dicere to thank for a hodgepodge of other words, among them dictate, contradict, prediction, and the crown jewel of them all: dictionary.
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