WeWork, the coworking unicorn startup whose IPO had been one of the most highly anticipated public offerings of 2019, has mostly imploded.

The company’s largest investor, SoftBank, is taking control of the struggling company, per the Wall Street Journal, infusing the cash-strapped firm with a rescue funding package. The deal values the company at $8 billion — a small fraction of WeWork’s peak valuation of nearly $50 billion earlier this year. Reportedly, WeWork is so short on funds that it had to delay laying off its staff because it couldn’t pay their severance packages.

The deal also cuts off most ties between the company and its former CEO and founder Adam Neumann, who will give up most of his stock in the company in exchange for nearly $1.7 billion, including a $185 million consulting fee, per the Journal’s report.

Last month, Neumann said he was stepping down after pressure from some of the company’s board members, including officials representing SoftBank. It was an extraordinary fall for a founder who until recently seemed to be on the cusp of taking a nearly $50 billion company public.

Right before Neumann’s departure, the company, which had been about to begin its roadshow to get public investors interested in buying its shares, postponed its IPO in a highly unusual move after investors expressed concern about its business model and leadership structure. The company also announced that it was pulling its IPO filing document (the S-1 registration statement) with the SEC.

“We have decided to postpone our IPO to focus on our core business, the fundamentals of which remain strong,” wrote company co-CEOs Artie Minson and Sebastian Gunningham in a joint statement in September.

While it’s unclear what the exact number will be, WeWork will lay off a large portion of its staff. The Information reported last month that could be as much as one-third of its total workforce.