Abbreviate

ab(to) + brev(brief/short) + ate(verb suffix)

 

▶[Verb] If you abbreviate something, especially a word or a piece of writing, you make it shorter.
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▶[Noun] abbreviation [əˌbriːviˈeɪʃn] 
YOLO means You only live once. 
AIDS means Acquired immunodeficiency syndrome.
CEO means a chief executive officer.
ADHD means attention deficit hyperactivity disorder.
WWW means world wild web.
R.I.P means rest in peace.