WeWork cofounder Adam Neumann is expected to step down as chairman of the board.
WeWork's biggest investor, SoftBank, is taking over the company and giving Neumann $1.7 billion to step down.
Business Insider reports that Neumann had already stepped down as CEO in September.
WeWork's parent company, The We Company, filed its public IPO paperwork in August.
It has been in a state of turmoil since.
It has since indefinitely postponed plans to go public, Business Insider's Meghan Morris reported in September.
WSJ reports that Neumann has spent $80 million on at least five homes since founding WeWork in 2010.