CHICAGO, ILLINOIS - AUGUST 14:  A sign marks the location of a WeWork office facility on August 14, 2019 in Chicago, Illinois. WeWork, a real estate firm that leases shared office space, announced today that it had filed a financial prospectus with regulators to become a publicly traded company. (Photo by Scott Olson/Getty Images)
Scott Olson/Getty Images
CHICAGO, ILLINOIS - AUGUST 14: A sign marks the location of a WeWork office facility on August 14, 2019 in Chicago, Illinois. WeWork, a real estate firm that leases shared office space, announced today that it had filed a financial prospectus with regulators to become a publicly traded company. (Photo by Scott Olson/Getty Images)
Now playing
02:10
Is Wall Street cooling to tech unicorns?
AirTag
Apple
AirTag
Now playing
01:17
See AirTag, Apple's new device for tracking your lost stuff
Google Earth's new timelapse feature
Google
Google Earth's new timelapse feature
Now playing
01:09
Google Earth's new Timelapse feature shows 40 years of climate change in just seconds
Now playing
01:32
Scientists turned spiderwebs into music and it sounds like a nightmare
Elon Musk's Neuralink says this monkey is playing Pong with its mind
From Neuralink/Youtube
Elon Musk's Neuralink says this monkey is playing Pong with its mind
Now playing
01:41
Elon Musk's company says this monkey is playing Pong with his mind
CNN
Now playing
02:36
The truth behind Covid-19 vaccines for sale on the dark web
Now playing
05:41
NFTs have completely transformed these digital artists' lives
Boston Dynamics
Now playing
00:48
Boston Dynamics' newest robot has tentacle-like grippers
Energy and Commerce Committee/YouTube
Now playing
02:50
US lawmakers question tech CEOs on misinformation
Now playing
00:55
This robot's 'self-portrait' NFT just sold for nearly $700,000
Now playing
03:19
Slack CEO: We made an 'unforced error' in DM roll out
WASHINGTON, DC - FEBRUARY 10:  Chairman Sen. Bernie Sanders, (I-VT) speaks as Neera Tanden, President Joe Bidens nominee for Director of the Office of Management and Budget (OMB), appears before a Senate Committee on the Budget hearing on Capitol Hill on February 10, 2021 in Washington, DC. Tanden helped found the Center for American Progress, a policy research and advocacy organization and has held senior advisory positions in Democratic politics since the Clinton administration. (Photo by Andrew Harnik-Pool/Getty Images)
Pool/Getty Images
WASHINGTON, DC - FEBRUARY 10: Chairman Sen. Bernie Sanders, (I-VT) speaks as Neera Tanden, President Joe Bidens nominee for Director of the Office of Management and Budget (OMB), appears before a Senate Committee on the Budget hearing on Capitol Hill on February 10, 2021 in Washington, DC. Tanden helped found the Center for American Progress, a policy research and advocacy organization and has held senior advisory positions in Democratic politics since the Clinton administration. (Photo by Andrew Harnik-Pool/Getty Images)
Now playing
03:04
Sanders: 'I don't feel comfortable' about Trump's Twitter ban
LONDON, ENGLAND - JANUARY 16: Prince Harry, Duke of Sussex, the Patron of the Rugby Football League hosts the Rugby League World Cup 2021 draws for the men's, women's and wheelchair tournaments at Buckingham Palace on January 16, 2020 in London, England. The Rugby League World Cup 2021 will take place from October 23rd through to November 27th, 2021 in 17 cities across England. (Photo by Chris Jackson/Getty Images)
Chris Jackson/Getty Images
LONDON, ENGLAND - JANUARY 16: Prince Harry, Duke of Sussex, the Patron of the Rugby Football League hosts the Rugby League World Cup 2021 draws for the men's, women's and wheelchair tournaments at Buckingham Palace on January 16, 2020 in London, England. The Rugby League World Cup 2021 will take place from October 23rd through to November 27th, 2021 in 17 cities across England. (Photo by Chris Jackson/Getty Images)
Now playing
03:19
BetterUp CEO explains Prince Harry's role at the tech startup
An NFT digital home called Mars House by Krista Kim Studio Inc. has sold for $500,000
From Krista Kim Studio Inc./SuperRare
An NFT digital home called Mars House by Krista Kim Studio Inc. has sold for $500,000
Now playing
01:11
This digital home might cost more than your actual home
Rally Studios
Now playing
02:13
One-shot drone video of bowling alley mesmerizes internet
MyHeritage
Now playing
01:01
Watch old photos come to life using AI
(CNN Business) —  

Happy Tuesday. A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here.

WeWork’s parent company is expected to delay an IPO that had been expected as soon as next week, according to The Wall Street Journal, which reported that the offering is likely to be shelved until at least October.

“The We Company is looking forward to our upcoming IPO, which we expect to be completed by the end of the year,” the company said in a statement. “We want to thank all of our employees, members and partners for their ongoing commitment.”

WeWork has attempted to defuse investor concerns and outside criticisms by promising to add new board members, announcing an overhaul of its corporate governance structure and having its CEO repay millions for a trademark he had sold to his own business.

But the company’s potential valuation has fallen dramatically from the $47 billion figure established by private investors. The Journal reported earlier this month that the valuation could dip below $20 billion. CNBC later suggested the number could fall below $15 billion. Not to be outdone, Reuters said it could be as low as $10 billion.

The big question is whether WeWork is deserving of being singled out for such treatment. After all, it’s just the latest in a string of unprofitable tech darlings to pursue an IPO. Here’s CNN Business’ Seth Fiegerman on the lessons that can be learned from WeWork:

Whether WeWork ultimately goes public at a $20 billion valuation, a $10 billion or not at all, its turbulent road to Wall Street — and the flurry of changes announced in recent weeks — could prove to be a reality check for the wider startup industry. For years, Silicon Valley has enabled, if not outright encouraged, startups to seek stratospheric valuations, bleed eye-popping amounts of money and institute little to no checks on a founder’s power. Now, the public market is signaling that yes, in fact, there are limits to what they’ll back.

Crude prices dip after Trump changes tone

Oil prices have pulled back slightly after President Donald Trump adopted a softer tone on potential retaliation against Iran following a devastating attack on Saudi Arabia’s crude production.

US oil futures were trading at $62.33 per barrel, a 0.9% retreat from Monday’s gains. They had fallen more than 2% earlier in the day. Futures of Brent crude, the global benchmark, declined 0.4% to $68.75 per barrel, paring losses of as much as 1.9%.

What happened on Monday: The price of US oil jumped nearly 15% to settle at $62.90 per barrel — its biggest daily percentage increase in more than a decade. Brent gained 14.6%, settling at $69.02 a barrel.

Higher prices come at a terrible time for the global economy. My colleague Julia Horowitz sets the scene:

Washington and Beijing are locked in a bitter trade war involving tariffs on hundreds of billions of dollars worth of goods. Consumer and business sentiment is suffering as global manufacturing contracts.

In China, the economic data is bleak. Germany is on the brink of recession, and there’s still a chance that United Kingdom could crash out of the European Union without a deal to protect trade.

The upshot: Although Saudi production could quickly get back on track, preventing a sustained spike in oil prices and a jump in inflation, the attacks adds to an environment of uncertainty that’s been weighing on growth.

What striking GM workers want

The United Auto Workers union is on strike against General Motors.

It’s a big deal: This is the biggest strike by any labor organization in the United States since 2007. GM, America’s largest automaker, has nearly 50,000 fulltime and temporary UAW members on its payroll.

The striking workers want higher hourly wages, lump sum payments and a better profit sharing plan. They also want GM to agree to limit the use of temporary workers and give them a clearer path to permanent employment. The UAW says the two sides are far apart on other issues including health care benefits and job security.

One major point of contention is the fate of two iconic assembly lines that GM has targeted for closure.

According to a person familiar with the matter, GM is offering to build an electric truck at Detroit’s Hamtramck factory and make batteries for electric vehicles in Lordstown, Ohio. Lordstown, which went dark in March, used to produce the Chevy Cruze sedan.

Even if union agrees to those terms, work wouldn’t start immediately. The plants would likely remain dark for some time. Production would start sometime in the next four years.

Up Next

Chewy and FedEx both set to report earnings after US markets close.

Also today:

  • US industrial production for August arrives at 9:15 a.m. ET.
  • That’s followed by the NAHB Housing Market Index for September at 10 a.m. ET.

Coming tomorrow: It’s time for the Federal Reserve’s decision on interest rates.