♪ emily: i'm emily chang "bloomberg technology." san francisco and this is "bloomberg technology." i am emily chang in san francisco and this is "bloomberg the ftc sues facebook. facebook calls at revisionist history, saying deals were cleared by the commission. shares jump as

much as 92% on ipo day, closing out a $60 billion valuation. i talked to the ceo on the big day. airbnb, a travel and booking site going out of the gate thursday, how big will it be? we will have details on one of the most anticipated ipo's of the year. first, the market saw a text tech selloff. abigail doolittle joins us. abigail: let's start with news that happened later in the day, the lawsuit against facebook, accusing them of being a monopoly of sorts, trying to thwart competition and perhaps seeking to break out instagram and whatsapp. this cent facebook lower along with other tech shares. the facebook response seemed

defensive. they are saying those acquisitions were cleared before, as opposed to an offensive response. the suit couldn't have been altogether surprising to them, but it sounds like facebook is going to come up with a fuller response after they review the lawsuit. this sent tech shares across the board, facebook, apple, google, all these companies facing some degree of antitrust action, alphabet two months ago. this side of the equation is heating up and that sent tech-heavy nasdaq 100 and nasdaq itself lower, nasdaq 100 lower the first time in 11 days. andt day for the nasdaq five weeks, down 2.2%. emilyother piece of this, , ironically was outrageous bullishness for doordash. the company did an ipo today and closed an astonishing 86% up. astonishing because the ipo well was $102 per share,

above the range. so demand, a frenzy for the ipo's incredible, moving through to grubhub and expedia. we have records on the open, record highs, fears around frenzies and some folks talking about the possibility of 1999, some worried about too far too fast, selling overall. another possibility, returning to facebook, back in 2018 when we started to see choppy action was also when the first shot across the bow on regulation of came -- name -- big tex regulation of big tech came. that was a shot across the bow, now it seems to be getting closer. we will see whether investors seem to take this possibility a lot more seriously. they certainly did today. emily: bloomberg's abigail doolittle on a rocky day, certainly those doordash shares

on the one -- are the ones to watch. we will get to doordash later. on facebook, the federal trade commission and state attorneys general led by new york launceston antitrust lawsuit -- new york launched an antitrust lawsuit accusing facebook of using its dominance to crush competition, the second time in the past few months the government has brought a major case against atac giant. i want to bring in ben brody, bloomberg editorial who covers washington, this is a monster suit with 48 states signing on. break down what it means. ben: no question this is huge and as you said, this is a part of the antitrust scrutiny that is happening on these tech companies. we had google in october, may have more google cases coming, the ftc at 46 states today and

the district of columbia and guam, it is a massive undertaking, multiagency, multijurisdictional, and it is something we are following, with a lot of twists and turns not just over the coming months, but i think the coming years. and it could set a lot of president in the space. [inaudible] whatsapp acquisitions which happened years ago should perhaps be unwound, this from the ftc. the commission complaint alleges facebook undertook a years long effort to maintain its monopoly through anti-competitive acquisitions and actions that target competitive and nascent rivals. facebook acquisitions of instagram and whatsapp, this is the statement from facebook in response. revisionist history,

instagram and whatsapp became incredible products because facebook invested billions of dollars and years of innovation and expertise in them. these acquisitions were cleared years ago and the government now wants a do over. what you make of facebook's response? ben: they have sort of been signaling this, ever since at least mark zuckerberg testified before congress, not the last time, but over the summer. he suggested this over the , weer, he basically said weren't buying up a rival to stifle competition, we were buying a company that could easily have fizzled, and we built it into the behemoth that we have done, and it is an example of how we innovate to stay on top and make consumers happy. it is certainly a pretty powerful message, and as they note, they had the ftc a couple of years ago that cleared this as their primary witness, to say that this was ok.

i think the tune has really changed, across the states and at the ftc, and it may be that a judge may look at this and say, how is it possible that this mega rival that had so many users is just another internal product? [no audio] emily: ben, if you can hear me, what is the likelihood these acquisitions would be unwound and that facebook would actually be broken up? ben: sorry about that. that is a great question.

it is important to recognize breaking up the company is the most extreme thing a federal court can do, and judges are do it unless they are convinced nothing else can be done to bring more competition to the market. a is something we can say is bit far off and not definite at all. but it is worth examining that both states and ftc are looking for this. asking always start by for the most extreme thing, but that is not something we have seen necessarily in other cases. so it definitely did provide interest to me that they were potentially looking for a spin off, and wondering how much they can convince a judge. ,mily: bloomberg's ben brody thanks so much for that update. we will talk about this throughout the show and we will hear from the connecticut attorney general, one of many states taking legal action

against facebook. that interview just minutes from now. also coming up, the most anticipated ipo of the year, airbnb. we are waiting on the company price. what should we expect after the doordash massive debut? discuss next. conversation with doordash ceo and cofounder tony hsu. >> it is a testament to the hard commitment all the people inside doordash, our ecosystem, everyone outside our four walls for the past years, as well as a reflection of the confidence investors have about our future.

♪ welcome back to

"bloomberg technology," i'm francisco. in san we have to talk about airbnb after the doordash debut, shares closing at $189 apiece, giving the company a 60 billion plus market cap. could it be bigger than airbnb? 's olivia carville joins us now. we haven't had final pricing at, you have any indications? olivia: we are still waiting on that, but interest in airbnb looks i. -- looks high. they already increased their share range this week. we are just waiting for tonight. emily: what does the big doordash debut signal to you? there is a lot of appetite out there for tech stocks, and folks you missed out on doordash may

try to piling on airbnb? what does it say about demand? olivia: anyone who missed out on doordash today will be looking to airbnb tomorrow. i think it is likely we are going to see a first-day trading halt, but right now it is just speculation as we are waiting for their price and wait-and-see -- and waiting to see what happens on trading day tomorrow. emily: what is the state of airbnb at this moment? lockdowns, reopening's, new lockdowns. a rebound inen domestic travel, but where does that stand? olivia: that is a big question for investors, what to expect from airbnb. investors are buying into this idea that it has already rebounded, bounced back, and it is going to be running at the highs it is running on now. the problem is that nobody knows if that is actually going to happen. there is so much uncertainty at the moment, lockdowns still

and no one knows when this is going to be administered . are we going to see domestic travel demand continue? is international travel going to come back? we can't really answer those questions right now, and the company is hoping investors are going to the on that and focus on the fact that it has been so resilient through the crisis. it has really rebounded faster than even its rivals, and they are going to be hoping that that stability proves to investors that they should be confident that airbnb is worth buying into, and it is going to be able to face whatever challenge comes next. airbnb's path to profitability is uncertain, but doordash's. so is i wonder if the companies are going to be looked at differently. we are seeing doordash at a peak where airbnb is not where it was

pre-pandemic, although it is rebounding. i wonder how investors will approach that? olivia: airbnb is in a better position than some of its others tech startups that have gone public without turning a profit. they had been profitable in 2017 but in 2019 they ramped up marketing expenses. one of the benefits of airbnb is that 90% of their web transactions come directly through them, so they aren't just reliant on companies like google, which gives them flexibility to cut marketing expenses instantaneously, which is something we saw them do earlier this year. they cut marketing expenses down to zero, which was a big part of their survival through the pandemic. there is aike while big question around airbnb's path to profitability, it resilient -- the resilience that

the business model has shown may give investors confidence in that area that going forward, they may be able to make a profit. emily: you and i have both spoken to the airbnb ceo, and he has been frank about a difficult to pandemic was. he also said he doesn't expect travel to ever return to what it was. airbnb went back to its roots with home sharing being the focus, and pulled back from other, more exploratory initiatives, such as hotels. do you think the company would go back to those things if things got better, or has the business fundamentally changed? olivia: that is a really interesting question, emily. i feel like the pandemic was a wake-up call for brian chesky, and i think he was aware that leading up to that, there was distance growing between the company and its core, individual hosts that largely run the

platform by listing their profit -- by listing the properties owned airbnb. and if the company had been looking to diversify into airlines and boutique hotels and documentaries and all these different areas, they have really taken their eye off the individual hosts that make airbnb what it is today. gave think the pandemic airbnb executives a sense of clarity that it is important to go back to the company's roots, and really worked to build up that particular business unit. and i feel like this is something we are going to see over the next couple of years as they come out of the pandemic, that the core hosting community is going to be what they really focus on as they bounce back and start to come down and we get more certainty to the future, and they may look to diversify again. experience is a big area for airbnb, tourist experiences they offer on the platform, and we know that is something they are

about you really focus on, as well as homes. pricinge are expecting at any moment now. with doordash yesterday, it happened as soon as we went off the air, about 40 minutes from now. what are you going to be tracking tomorrow? what are you want to be watching for in terms of the response? trying we have are to be to measure airbnb against other companies like doordash and snowflake that have gone public or debuted earlier this year. we are going to be trying to talk to investors, see what their reaction is, and also analyst to see what they think -- analysts to see what they think, and really just follow the stock as it starts trading. it is going to be a really interesting market debut. this has been a long time coming for the company, and those early investors, early employees who have been waiting 12 years to cash out. emily: it certainly is going to be fascinating to watch, as

someone who has covered airbnb for more than a decade, and i'm sure for you as well. 's olivia tech carville, thank you, we will give you that pricing as soon as it crosses. facebookit against from the ftc and the coalition of attorneys general. we have an update on what the suit means and what states are saying, coming up. this is bloomberg. ♪

♪ doordash going public wednesday in a grand slam, listing shares up to 92% in their public debut, making the company bigger than ford motor, could even be bigger than airbnb. i spoke to ceo and cofounder tony hsu ahead of the trade

opening earlier today and asked how he is feeling about the price. >> it certainly is surreal, but i think it is the testament -- is a testament to all the hard work of the people inside the doors of doordash, and the ecosystem, our merchants, everyone outside our walls for the past seven years, as well as a reflection of the confidence investors have about our future. emily: given that you were valued at $16 billion in june, what is your case to investors that you are now worth well more than double that, especially out of a pandemic? opportunity at doordash was so early. i have been more focused on chasing customers and excellence versus chasing the scoreboard. thinkublic company now, i many investors, any investor can certainly have their turn at valuing the company, but i think what we saw in terms of strong demand during the ipo process

was both a testament to the strong, underlying business that we built today, as well as appreciation of what it can become in the future. one half-hour goal is to build the world largest commerce place, in which we bring everything to you in minutes or hours and not days, and the other part of our goal is that we take products bill for our marketplace and give them to merchants in the form of ordering as a service, logistics as a service, so they can build an end to end technology solution just like we built for ourselves, so they can serve their own companies and compete. you own 50% of the market, but you face rapidly changing competition, consolidating competition. what are you doing differently than your peers? why are you seeing this outsized growth? tony: our growth really comes from the fact that we have

always obsessed over building a superior product. that can be revealed in a lot of the industry-leading retention metrics that are available and studied by analysts. for us, it is offering consumers an unmatched combination of the selection of restaurants would bring, the quality of the delivery experience itself, as well as the affordability of the service, that have allowed us to grow largely from existing customers, and therefore have a lot more ability to invest and reinvest in acquiring new comps -- acquiring new customers, building new products as well as entering new geographies. it starts with having built a superior product. the superior product is what also allowed us to build a massive scale advantage, which is key in a network-based business like logistics. finally, we achieved superior unity through both operational excellence and just getting waste out of the system, as well as winning parts of the industry such as the suburbs, which are

not only the biggest part of the industry, the fastest-growing part, but also the most profitable part of the industry. emily: right, and you definitely colonized the suburbs early on. if you have 50% of the market now, what will your market share be in a year, in five years? share -- wewe don't don't chase market share at doordash. we chase excellence and we chased the customer. today, we are privileged to serve 300 90,000 merchants every month, 18 million monthly active consumers and over a million dashers. but those numbers are averages that are not distributed uniformly. there are certain neighborhoods where we should offer more selection, get faster, get more affordable, so we have a long ways to go. but for me it has always been about making sure and reminding our teams that if we can master the inputs, the score will take care of itself. emily: doordash ceo and

cofounder tony xu. we have breaking news out of europe. boris, prime minister of the u.k., and european commission president, ursula von der leyen, have decided to continue brexit negoations until at least sunday. this is potentially bringing them one step closer to a potential breakthrough, potential deal, which would be critical for certainly the u.k. and the eu. the pair of them were having dinner late today, working on whether a deal could be salvaged, and potentially even fast-track. but there are a number of potential outcomes that we could see. either they do make a breakthrough, they could have a falling out and talks are over, or sunday comes and goes and they agree to continue the talks. of course, this has been a long time coming. we have been continuing to

follow the very tenuous nature of these negotiations, the tenuous nature of the u.k. position when it comes to their relationship with the eu. as we know, this has been years years in still -- coming, still very unclear how this relationship will move forward. again, breaking news that the european commission president have agreed to continue their negotiations at least until sunday. we are looking at the number of possible outcomes here. just reading more of the headlines, i want to bring in more bloomberg analysis here. we have got jeff standing by on the phone.

jeff, what is the latest? emily, how are you? emily: i am well. give us the lay of the land. of softbank, we are talking about doordash. bear with us, as we have been dealing with breaking news on brexit. let's talk a little about doordash, this is a huge deal for you. you have been on the floor at softbank and made a big bet on doordash in the early days, and look at it now, a $60 billion company. what is your reaction to the debut, and that big number, given that they raised $16 billion only six months ago. jeff: it is a great day for doordash and other constituents, the smalls, businesses that are struggling in the face of covid to keep their does open. it is good for business come

investors and employees, so overall a really good day. strong market receptivity with a lot of news coming out across the world, so overall, really good day and important testament to the power of the softbank platform and the vision of investing in next generation technology companies, led by fantastic ceo's like tony. tony: talk about how stands out from other entrepreneurs you have invested in. he talks about delivering hummus from his honda. it is hard to believe he founded the company only seven years ago, but there were some tense days for doordash when they didn't know if they would be able to make the business model work. there are costly, and a lot of logistics involved that are difficult to manage. then, the pandemic came along and suddenly, growth exploded. jeff: you know tony, you have an them on air, he is just incredible human being.

high integrity, a norma's vision, and he wraps that with attracting great people who execute against that vision. and the results he achieved over the last seven years has been phenomenal. it is such a pleasure to be part of that story and to be able to be on the board with tony and see where his vision is going. and as investors, we look for a norma's, amazing business models but we always talk about great management teams. and he is the fantastic one. said, this valuation, $50 billion. there are folks who say we are at peak doordash right now because we are at peak pandemic. when a vaccine comes along and life goes back to normal, whatever that is, how much does growth slow? jeff: people said that about facebook, microsoft, apple, ebay, about twitter, about amazing technology companies. and as tony said and

described in the s one, it is not just about food. tony is building with his team the next generation, last-mile logistics company. if you think of all the goods and services that are sold and how more and more of that is going to be moving online and how people want convenience and thinks quickly, you have amazon on one hand, and every other business leads -- every other business needs a logistics platform and tony is building a platform for a much larger camp than just the food industry. emily: you have concern about $30 billion that was left on the table? you think this was underpriced -- do you think that this was underpriced? jeff: it is difficult. as you know, it is both art and science. the market said today that we think highly of the company. and stocks will move up and down, but it is in a port day of the company, but it is just a day in history. we as long-term investors think about the next 7, 10, 15 years,

so there is a lot of growth ahead for the company. airbnb is coming up tomorrow. in general, when you look at the macro economic environment, tech seems continually to be divorced from what real-world americans are going through. the stock market keeps going up. tech companies and valuations keep going up, when you have people out there that are really struggling. you think we are in a frothy market? i know you are a very active mentor to entrepreneurs in your portfolio, are you telling them to prepare for a bubble to burst or for the good times to keep rolling? jeff: on one hand, we have covid, a global pandemic, and it is affecting people's health and livelihoods. we have to recognize that. on the other hand, you have a tremendous amount of capital around the world that still needs to put to work, and you can't invest in bonds and low interest rate environment we are

in, so people are investing in equities. and within equity markets, they are looking were growth and fundamental change is happening that is happening in both biotech and technology. a technology venture capital fund, we are benefiting from that tailwind. what i talk to buy ceo's about is building sustainable business models, doing economic cost work, that your ratios are working, and that you are building a sustainable business, because the economy will go through ups and downs, and if you are profitable, you are going to withstand those ups and downs, just like i did as ceo through the financial crisis. it is really about building a business to last, just -- versus just building a business to go public. open: you had a good year, doors listing, now you have doordash, which company is most likely to exit next? jeff: there is a lot of companies in our portfolio across the 100 10 different companies we have the envision

fund one and vision fun too. many are making great strides in product, sales, profitability and market share. over the next 12-20 four months, we anticipate between six and 18 more companies now in our portfolio will tap public markets. we are just at the beginning. the vision fund is four years old. it takes a few years for companies to scale and see public exits inside a venture portfolio, and we are just at the beginning. the brightest days are ahead for the vision fund. note, softbank made some really big bets that didn't pay off. we work comes to mind, you have made governance changes, but the reputation of the fund did take a hit. had you explain? jeff: venture capital, you are going to have really large winners that return the fund and you have some bets that give a

modest return and some that you are going to lose money on that is the industry and that is the game. if you look at investments we made on a global basis, top companies within their respective industries with an amazing set of entrepreneurs, and we have had over 200 effort venture capital funds invest alongside us in those different portfolio companies. so there is nothing unique about that. it is about portfolio construct. overall, the fund is doing incredibly well, demonstrated in the last earnings report for softbank. we are excited about the future. with thens going on vision fund's spac's? spac's are the rage. will you be involved? jeff: we are still in registration, so i won't comment about our spac. what i will say is that the vision fund has the ability to invest across the capital structure, so we can do public, private, minority, majority.

that gives us flexibility as we see opportunity around the globe to put our capital to work in pursuit of great returns for our ll bees. and spac's in general are another tool that help companies get liquidity and tap the capital markets they can invest d.our end d -- r and and innovation. we are excited to have another arrow in our quiver. emily: doordash is one-story benefiting from pandemic trends. it is not the story with other companies out there. you have a construction company that has a number of cool projects, including building a gigantic safety plan in saudi arabia, cannot company recover? jeff: there are certain industries, travel, retail, movie theaters, that are struggling in covid, and construction in some parts of the world. and then there are companies benefiting from the tailwinds, ,ood delivery, ad tech

stay-at-home wellness, video games, to name a few. but we feel really good about the companies that we have. their well-capitalized, they have enough cash to withstand the global pandemic, and we have a deep capital structure where we can support our portfolio companies, which is fairly unique in the venture community. i am still optimistic about tara and a number of the other companies in the portfolio that are going through a tough time today. emily: what trends are you doubling down on going into 2021, knowing a lot will be different but there will be some restoration of normal? we just don't know how normal it will be. jeff: it is kind of more of the same, finding great entrepreneurs with innovative ideas, tackling very large industries, that we believe they can build companies to last regardless of the current economic -- current macro economic condition. we are making investments in

transportation and logistics around the world, biotech we have been very active the end, software continues to do well, consumer continues to do well in real estate, i have confidence in open-door and the portfolio. residential real estate is doing really well as people move out of dense, urban centers and are buying bigger homes in the suburbs at remote areas. we think overall those trends are going to continue through 2021 and 2022, and we are but to continue to lean into them. emily: jeff housenhold, managing partner at softbank. thanks, jeff, we will be watching to see where you put your next bets. getting back to breaking news out of the brexit talks, negotiations continuing until sunday. our bloomberg reporter joins us from london. dinner is finished between the u.k. prime minister in the european union negotiator. >> the dinner lasted more than

three hours between boris johnson and the president of the eu commissioner, ursula von der leyen. things didn'that go as well as people had hoped, they are saying they remain far apart. they don't know whether or not they can get to a place where a deal can be done, but they have agreed negotiators should get back around the negotiating table and keep talking, and they would come to some kind of firm decision sunday. we also heard from both sides of the discussion that it was robust, lively, some colleagues in bloomberg news also reported officials on the european union side are saying they think they could get to a deal, but that is not in the official text or read out from the dinner this evening. we are seeing a market reaction, the pound sliding. it gained through the better part of today, breaking a three-day losing streak, and we are seeing that pound drop off.

emily: there are competing interests on both sides, is this what folks hoped for? : it is not what people hoped for, certainly not on the boris johnson side. what we heard prior to the dinner was that they saw this as a way to break the impasse in brexit negotiation talks. they thought his charisma, he would be able to sit down face-to-face with ursula von der leyen and break through the problems. they were at dinner with chief negotiator michel barnier and the negotiator on the u.k. side, and they are going home without any sense that a deal is completely possible, but negotiations will continue. it is not what we expected and not necessarily what many in the markets and political world had led to expect from this dinner, but negotiations are still ongoing and we expect to get more news from them, or a firm decision at least of what is

being said on both sides, of where to go from here by sunday. emily: where do we go from here? emma: good question, where do we go from here? they go back to the negotiating table. we do still have until the very end of the year before the brexit transition ends, when the u.k. will -- then the u.k. will formally leave the eu at the beginning of the year. then they have to get a deal on how they will operate on a trade basis with the u.k. as an external partner to the eu. they have until the summer 31st to do that and to get it agreed to buy the rest of the european union members. so we are still a few weeks off. it just depends on how much appetite there is on both sides to keep the negotiations on going. one would think there wouldn't be a serious appetite for this because there would be serious consequences if a trade deal is not struck, consequences for

both sides. certainly for the u.k., the european union is its largest external trading partner, and if you get to position where you don't have a treat deal with the european union on january 1, we are looking at wto rules. they will be operating on wto rules, and that means tariffs, taxes on goods entering and leaving the u.k., that could mean qs at borders for customs forueues at borders customs, and we will see higher prices on goods coming from the eu. someone said they could see rice's rising 3% to 5%. here,.s. where we go from clearly negotiations. there is appetite for a trade johnson's team tonight saying they will do everything and explore every

possible avenue to a deal. chandraloomberg's emma in london, thank you for breaking that down. a statement from the eu saying, we gained a clear understanding of each other's position and remain clear apart. we will be following it through the weekend. coming up, another blockbuster .ai,this week comes from c3 we talked to the ceo about his outlook,. this is bloomberg. ♪

♪ doordash isn't the only went to make an explosive trading debut this week. a provider ofi,

enterprise software, more than doubling after raising 600 one million dollars in its ipo on the new york stock exchange. joining us now for more is the founder and ceo of c3.ai, tom siebel. tom, what is your reaction? you are not the only big company out of the gate today. what is your reaction to investor sentiment? the we are very pleased by investor response to what we do, and very pleased on behalf of all the employees of c3. they should be very proud of what they have accomplished. emily: when you see your shares doubling, do you have any regret? do you think the shares were underpriced or you left too much money on the table? tom: emily, behavior of equity is markets -- equity markets outside my leak. i have no idea there.

i have skills in building equitye companies, markets are way beyond me. emily: let's talk about what you do know about. you have been in the industry in silicon valley, building companies for a long time, taking on giants like salesforce, which just did a massive deal. what do you think you have on the petition? tom: i am not aware we compete with salesforce, we are in the enterprise application software business. we are building large-scale enterprise ai applications, and most of our customers, if they were not using our platform they would be building it up themselves. for many of our customers, there is a void in the market, and many of our largest customers, seybold and microsoft, are asking us to supply e-enabled ai solutions.

so we have a vacuum in the market there that we are going to fill. i don't think we are competing with salesforce. to my knowledge, they are not in that space. emily: given your long tenure in this industry, when you were last on the show, mark zuckerberg and jack dorsey were testifying before congress. you said you were glad the government was doing due diligence. today, the ftc and 48 states have sued facebook, saying the company has abused its monopoly on the market power to snuff out the competition. given have any reaction, you have been in this industry a long time, competing with giants a long time, and know what it takes to innovate? emily: i don't know, i can't comment -- tom: i don't know, i can't comment to the extent that this is an antitrust competition, but what is going on with social

media companies is an enormous public health problem. people are using ai to manipulate millions of people in the brain at you look at the effect of itat the on teenagers with depression, suicidal tendencies, loneliness. it is just horrible what is happening. these people are looking the other way as their social media systems are weaponized by bad , basically threatening, jeopardizing our ability to conduct a compact with society. if it doesn't -- if the government doesn't look into this, we are going to be very sorry. emily: tom siebel, founder and ceo of c3.ai, another company that had a big debut this week.

thanks, tom, for stopping by. still ahead, gary cohn, former economic council director, joins us to talk about tech innovation. a preview of "bloomberg studio 1.0," coming up. this is bloomberg. ♪

♪ emily: despite the pandemic, the u.s. economy proved resilient, that is the assessment of former national economic council director gary cohn. i sat down with the former goldman sachs ceo about markets that have been on a tear, and if doordash is any indication. gary: we have a complete disconnect between the largest companies in america, companies we talk about every day when we talk about the stock market, and what is going on in the real economy.

and when we look back at what happened during covid in 2020, 1 of the big takeaways should be, and i pray this is one of the big takeaways, is that when we made a decision, and i am not criticizing this decision at the time, to shut down the u.s. economy and deem certain business is essential and other businesses non-essential, we unfortunately deemed the largest companies in america as essential. so we let the big companies to stay in business, but unfortunately, the local, neighborhood business that sold the identical products, we deemed to be non-essential and we shut them down. what ended up happening is, the largest companies in america got 100% of market share. and they got that market share for zero cost. we were forced as consumers in the united states to go to the largest companies, because they were the only ones open so if we needed food, prescriptions, we

were first to go to a big box retailer. but when we were in those big-box retailers, we were able to buy clothes, shoes, appliances, things that smaller companies on main all over america sold. on main street all over america sold. so the stock market in america right now was representing the fact that the larger companies in america got advantage on this crisis because they were the ones that were open. facebook, google, amazon, has big tech gotten too big? needch companies dodd-frank legislation, which some in silicon valley have been advocating? gary: you can't generalize on facing regulation. sometimes you can be very big and not regulate -- need regulation. sometimes you can't be very big and need regulation. one of the big barriers is, can

people compete with you? ,re you vertically integrated therefore do you have a huge competitive advantage because not only are you providing one product, but the product leads you to another product and another product and another product, so therefore, a new startup couldn't get there as quickly as you, initially? and also, are you competing against other businesses that are regulated now, so are you therefore on an unfair or not a level playing field? and if you start answering those questions yes, you should be regulated to look like you are on a fairly level playing field with the existing companies that are regulated today. emily: my conversation with gary cohn, former national economic council director. cast the full interview on "bloomberg studio 1.0" erring at

9:00 tonight eastern time and it will be airing in the u.k., asia and europe. don't miss it. just to recap, brexit negotiations have until sunday now to come up with a deal, after talks over dinner between boris johnson and european commission president urszula vendor lien. -- ursula von der leyen.

♪ down toe counting asia's major market open. >> welcome to daybreak asia. frexit talks will run through the weekend although london and brussels one final deal may prove impossible. fourth johnson says no british accept thed