The biggest corporate supporter of cyclist Lance Armstrong left his side Wednesday, and others quickly followed suit.

Nike, the world's largest shoe and apparel company, announced it has terminated its endorsement deal with Armstrong.

"Due to the seemingly insurmountable evidence that Lance Armstrong participated in doping and misled Nike for more than a decade, it is with great sadness that we have terminated our contract with him," the company said in a statement. "Nike does not condone the use of illegal performance-enhancing drugs in any manner. Nike plans to continue support of the Livestrong initiatives created to unite, inspire and empower people affected by cancer."

Nike's announcement came on the same day Armstrong stepped down as chairman of his cancer-fighting foundation, Livestrong, so that the organization can focus on its mission instead of doping allegations against its founder.

Over the years, Nike paid Armstrong about $40 million for his endorsement, a source said.

Nike wasn't the only company to part ways with Armstrong on Wednesday.

The company that supplied the bikes that he rode to seven Tour de France victories, Trek, severed ties as well.

"Trek is disappointed by the findings and conclusions in the USADA report regarding Lance Armstrong," the Waterloo, Wis., company said in a statement. "Given the determinations of the report, Trek today is terminating our longterm relationship with Lance Armstrong. Trek will continue to support the Livestrong Foundation and its efforts to combat cancer."

Anheuser Busch, whose Michelob Ultra brand was promoted by Armstrong, also left the cyclist.

"We have decided not to renew our relationship with Lance Armstrong when our current contract expires at the end of 2012," said Paul Chibe,

vice president of U.S. marketing for Anheuser-Busch, in a statement. "We will continue to support the Livestrong Foundation and its cycling and running events."

Energy drink company FRS said Wednesday that Armstrong will no longer be featured in advertising or marketing for their products. He is also an investor in the company but resigned from the board of directors, effective immediately.

Some other Armstrong sponsors, including Oakley and Honey Stinger, thus far have not cut ties with the cyclist.