Adam Neumann, co-founder of WeWork, had been attempting to buy back the company with a bid of over $500 million through his new real estate company, Flow, which is backed by venture capital firm Andreessen Horowitz. However, WeWork secured an alternative lifeline in March when a U.S. bankruptcy judge approved a restructuring deal that eliminated approximately $4 billion in company debt and included $450 million in new funding from SoftBank. Neumann has since officially admitted defeat in his bid to acquire WeWork, citing the company's emerging bankruptcy exit strategy as unrealistic and unlikely to succeed.