WeWork's former head Adam Neumann said he would move forward after trying to buy the bankrupt company that specializes in shared office space.
Neumann revealed his interest in buying the company earlier this year, reportedly offering around $500 million (£391 million).
At the time, he accused the company of resisting the idea despite its financial problems.
WeWork recently filed a plan to emerge from bankruptcy that it says will relieve billions of dollars in rent burdens.
Neumann, who now heads a new real estate company called Flow, criticised his former company's plans in a statement on Tuesday.
“For several months, we have worked constructively with WeWork to develop a strategy that will enable the company to thrive,” he said in a statement, which was first reported by The New York Times.
“Instead, the company appears to be attempting to emerge from bankruptcy with a plan that is unrealistic and unlikely to succeed.”
WeWork declined to comment.
Neumann rose to fame by overseeing WeWork's rapid global expansion and promising to revolutionize the office real estate sector.
But sustaining growth became too costly, and the company lost billions of dollars.
Neumann was ousted in 2019 after his leadership came under scrutiny after flaws in the company's business model were revealed during an attempt to take the company public.
His downfall was later depicted in the Apple TV series WeCrashed.
Neumann, who left WeWork with a big payday, quickly bounced back and secured backing for his new company from Andreessen Horowitz, the prestigious Silicon Valley venture capital firm.
But WeWork, once a privately held company valued at nearly $50 billion (£39 billion) and hailed as the future of the office, has struggled, especially since the pandemic closed offices and led to more people working from home.
The company filed for bankruptcy in November last year, seeking court protection to ease its rent burden.