Meltzer noted that Velasquez was part of the budget cuts and he hasn't been seen training in Orlando in a long time. The last time he was seen on WWE TV was at the Crown Jewel last November.
Velasquez had signed a multi-year deal with WWE but the contracts allow WWE to cut anyone at any time so that is what happened here. Velasquez had interest from All Elite Wrestling and AAA in Mexico before he agreed to the WWE deal so it's possible that he will want to continue his wrestling career with one of those companies if there is room for him in their budget.
Click here for a complete list of names that have been confirmed to have been released due to budget cuts.