Andreessen Horowitz backs WeWork founder

Venture capital giant Andreessen Horowitz said Monday it will invest in Adam Newman's residential real estate company Flow.

 backing the WeWork Inc, a co-founder who has often been criticized for his allegedly erratic management style.

The investment was announced in a blog post by the venture capital firm's co-founder and general partner Marc Andreessen.

 The blog did not disclose the financial details of the investment.

Newman agreed to step down as WeWork's CEO and relinquish majority voting control of the company after Japanese conglomerate SoftBank Group Corp.

and other shareholders turned on him as the company plunged at an estimated valuation ahead of a planned initial public offering.

WeWork finally went public last year in a deal through a merger with a special purpose acquisition company. 

That valued the office-sharing startup at $9 billion, a steep drop from its $47 billion valuation in 2019.

Andreessen Horowitz and Flow did not immediately respond to Reuters requests for additional comment.