According to reports on Tuesday, Adam Neumann has terminated his bid to re-acquire WeWork.
Neumann, who co-founded the coworking business, is said to have told the New York Times Dealbook that the company has chosen to emerge from bankruptcy with an "unrealistic" plan.
He is quoted as saying: "For several months, we tried to work constructively with WeWork to create a strategy that would allow it to thrive."
"Instead, the company looks to be emerging from bankruptcy with a plan that appears unrealistic and unlikely to succeed."
Neumann's Flow Global reportedly submitted a bid of over $500 million to take over WeWork and its assets, earlier this year.
Previously, Neumann commented that WeWork has refused to engage in talks, believing that it was aiming to use its bankruptcy court case to "rubber-stamp" an agreement that would turn over control of the company to "hand-picked buyers."