joining me to discuss, phil haslett. and, in new york, crystal tse, who has been covering this troubled ipo. what was the problem today? is it valuations, financials, or governance problems? >> all of the above. the simple answer is they have a lot of things to address before they can go to the investors again and ask them for their money. they were looking for a $47 billion valuation, and now we are hearing it could be as low as $12 billion to $15 billion. there have been a lot of changes to governance, but investors are looking at valuations, whether they will improve financials, and whether more is needed for them to be convinced about the valuation? taylor: this morning on the open, there were comments as it related to the valuation part. take a listen. >> the valuation is really a wake-up call to private investors that the public markets are holding them accountable. the specific reason i think this report reflected that is the amount of cash burn, a consistent theme and your setup addressed this. companies losing a

joining me to discuss this all was phil haslett, cofounder and chief revenue officer at equityzen, a 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. they have actually made a lot of changes to corporate governance, but investors are looking at valuations, whether they will improve 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: this morning, they spoke with gene munster, who cofounded loop ventures. he had comments as a 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 -- what is a consistent theme and your setup addressed

phil haslett, equity zen founder and chief revenue officer, is here. f wells also with us. what do you make? pricing at the top end of its range. phil: i think it is a good sign for the ipo market generally, and i think peloton is happy they were able to share their story about how their 20% services and subscription revenue and 80% selling really extensive bikes. alix: the issue is the profitability thing. they obviously make money, but it is getting to profitability that is the issue. you don't need a prophet to ipo. is that a good thing -- a profit to ipo. is that a good thing? phil: through the prescription revenue -- through the subscription revenue, they do see a way to get to that point and build themselves out more of a platform. we like to think that peloton is a little like apple, where they have 80% of the revenue from hardware, and they are building a falling around their subs and aroundvenue come up -- their subscription revenue, which they are hoping to build on. alix: how do you look at something like a subscription business? you are not

vasek joined bison ali and phil haslett -- sonali basek and phil haslett. good to see you guys.phil: they cut from -- do you buy it. from $47 billion. $10 billion is a wide range. i was joking in the office that what you have is a crisis management team masquerading as investor relations. they have had to deal with a lot of things. is a wideu said it range, but where do you think it will wind up? phil: at $20 billion they would be trading at 10 times revenue, which would be far greater than their main competitor, which is about 1.5 times revenue. i would guess they would price this thing in the $20 billion range given the company is trying to raise more money. the last couple of ipos they have price tie, we have dropped a bit. you think people will be more conservative to get rid of that problem? phil: bankers are probably begging one of these tech companies to come with probability and stable growth and something that can share as a better narrative rather than a turbulent macroenvironment with brexit. alix: funny you say that because data dog did that. it was a cloud company t

taylor: that was phil haslett tse.loomberg's crystal in luxembourg, and apple lawyer says that the companys the world's largest taxpayer. they are urging the general court to overturn an order from the european commission that it pay a record of $13 billion in back taxes to ireland. maria tadeo filed this report from luxembourg. >> apple is coming face-to-face with european regulators and the -- in the biggest tax case in the world. the company has appealed a 13 billion euro fine imposed 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 is not the case and has appealed. if you are hoping to get a sorry moment from the company, that was certainly not the case. apple said they pay the most tax in the world and claimed the decision from the europeans lacked any logic or sense, and they believe that the numbers were tweaked in a way that presented apple in a bad light. essentially, the goal was to portray the company adds paying -- as paying no ta

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