Adam Neumann gives up on his plan to buy back WeWork

• Adam Neumann is giving up on plans to reacquire WeWork.
• He called a different bankruptcy plan that cut him out "unrealistic and unlikely to succeed."
• That deal includes $450 million in equity funding and plans to wipe away billions of debt.

Adam Neumann is abandoning his plans to re-acquire WeWork.

Last month, the company announced a separate plan to emerge from bankruptcy that cut him out of its future.

Now, Neumann is stepping away.

And the entrepreneur told Business Insider he's not exactly hopeful about the company's new path.