After being named alongside John Laurinaitis and the entirety of WWE in a lawsuit filed on Thursday centered around allegations of corrosion, rape, inappropriate activities, and sex trafficking, Vince McMahon has officially announced his resignation from TKO, where he served as the Executive Chairman.

Addressing his decision in a statement released to Deadline, McMahon acknowledged the lawsuit for the second time in as many days before opting to remove himself from his active role within the WWE Universe.

“I stand by my prior statement that Ms. Grant's lawsuit is replete with lies, obscene made-up instances that never occurred, and is a vindictive distortion of the truth. I intend to vigorously defend myself against these baseless accusations, and look forward to clearing my name,” Vince McMahon told Deadline.

“However, out of respect for the WWE Universe, the extraordinary TKO business and its board members and shareholders, partners and constituents, and all of the employees and Superstars who helped make WWE into the global leader it is today, I have decided to resign from my executive chairmanship and the TKO board of directors, effectively immediately.”

While this is obviously still a developing story, with fans literally reacting to the news in real-time as Michael Cole and Corey Graves attempt to call the go-home edition of SmackDown as if one of the biggest pieces of news the company has ever produced didn't just drop, the decision is a stark contrast from the day prior when TKO said they would investigate the matter. Along with that, McMahon declared that he would fight the “false” allegations to the full extent of the law.

While only time will tell if this resignation was voluntary, it's safe to say TKO saw some pretty damaging fire under all of that smoke… or at least saw companies like Slim Jim pull out of their endorsements from the Royal Rumble.