The Greek verb exoutheneo (ἐξουθενέω) means to despise utterly, to treat as absolutely nothing, or to set at naught. It derives from ex (out) + ouden (nothing) — to make someone out to be nothing at all. It appears 11 times in the New Testament.
The theology of exoutheneo revolves around the crucifixion. The rulers of this age despised Christ and crucified Him (1 Corinthians 2:8). He was despised and rejected (Isaiah 53:3 LXX). But this exoutheneo is turned on its head by the resurrection: "The stone which the builders set at naught is become the head of the corner" (Acts 4:11; Psalm 118:22). God regularly chooses the despised things — the foolish, the weak, the nothing — to confound the mighty (1 Corinthians 1:28). What humans exoutheneo, God exalts.