joining me to discuss this all was phil haslett, cofounder and chief revenue officer at equityzen, a secondary marketplace for pre-ipo shares and bloomberg's crystal tse. crystal: they have a lot to address before they can go out to the investors and ask them for their money. like you said, they were looking for a $47 billion valuation, and now we are hearing it could be as low as $12 billion to $15 billion. you know, they have actually made a lot of changes to corporate governance, but investors are really looking at valuations, whether they will performance, financials, and whether more changes are needed to the corporate governance structure for them to be convinced about the valuation they want to get. taylor: phil, this morning on the open, they spoke with gene munster, who cofounded loup ventures. he had some comments as related to the valuation part of wework. take a listen. >> the valuation is really a wake-up call to private investors that the public markets are holding them accountable. and the specific reason i think this report reflected that was the amount of cash burn -

taylor: that was phil haslett, cofounder and chief revenue officer at equityzen and bloomberg's crystal tse. apple said in court it was unfairly painted as a tax dodger. in luxembourg, an apple lawyer says, in fact that the company , is the world's largest taxpayer. apple is urging the e.u. general court to overturn an order from the european commission that it pay a record of $13 billion in back taxes to ireland. bloomberg's maria tadeo filed this report from luxembourg. maria: apple is coming face-to-face with european regulators in the biggest tax case in the world. the company has appealed a 13 billion euro fine dictated by the european commission in 2016. the idea behind it, according to the europeans, is that apple received special tax treatment from the irish government, which allowed the company to pay artificially low taxes. apple says this was not the case and has appealed that decision. and if you were hoping to get a sorry moment from the company, that was certainly not the case. that said it is a company pay the most taxed in the world. the actually claimed the decision fro

coming up in the next hour, inn co-founder -- equities in -- equityzen co-founder., thed company's main rivals including out of a and facebook. samsung's redesigned galaxy fold phone will go on sale in south korea tomorrow after a delay caused by the discovery of a severe defect in the screen. it is an android device that opens like a book. it costs almost $2000. i'm riddick a group to. that is your -- i'm riddick a kubot -- i'm ritika gupta. that's your bloomberg business flash. alix: today it is all about reshuffling and departures. a cfo to steer the bank through some tough times. you get a sweeping ubs promoting two heads to lead its steelmaking unit. reports that a handful of partners may be looking to leave the firm by the end of the year. joining me is bloomberg's sonali basak and vincent cignarella. this has the overarching theme of banks changing it up. why? what is the theory behind it? sonali: there's different things happening at every bank. danske bank is reeling from the biggest money laundering crisis in europe. other places, there's just tional chang