Meaning of the word "pull the plug on" in English

What does "pull the plug on" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

pull the plug on

US /pʊl ðə plʌɡ ɒn/
UK /pʊl ðə plʌɡ ɒn/

Idiom

to stop something from continuing, especially by withdrawing financial or other support

Example:
The company decided to pull the plug on the failing project.
They had to pull the plug on the concert due to bad weather.