taylor: ygal, your take on the 35% drop? what you saw out of the markets this year over the course of the year was less of a willingness from public market investors to accept large --ses and on profitability and unprofitability, a record-setting year for tech ipo's. uber kind of led the class. and i think all of that ipo supply led to some technical challenges. you also had lyft and uber and others, the trend kind of turned to stay private for longer. i think that stunted the demand when they went public. a lot expired and that -- there were a lot of technical issues at play i think as well. had negatived uber news. they were a lot of regulatory issues, performance problems, and other things they disclosed over the course of the year. that kept sentiment low. we will look to see if that can slip over the course of 2020. taylor: tom, you mentioned a lot about the magnitude of the losses. you are going to have to clarify for me. when i went to my cfa school we were taught profitability met on the bottom line. somehow i moved

ygal: competition. it is a huge factor. probably the most meaningful impact to profitability.is significantly more profitable. if we are going to get to a place where investors start to feel more comfortable with the market opportunity and profitability, i think the single biggest thing will have to be competition, without that, i don't think we will get anywhere. the regulatory environment will continue to battle. they are battling in london. if we continue to get more and more examples of that, that will be even better. taylor: teaching me all about you forility, thank joining us. still ahead, we will go through the top tech calls. that is next, this is bloomberg. ♪ taylor: let's take a look at today's top tech cause. that plus, the price target was raised to 4.25 per-share. netflix, streaming -- the price target was raised to 4.25 per-share. netflix is well-positioned among video streaming companies. grubhub's price target was raised to $52 per share. the analyst said that while 2020 appears to be an investment year, expanding restaurant selection and loyalty programs shoul

ygal: it is one of them. competition and regulatory issues are the two big challenges.ompetition is driving down, pricing is one of the biggest issues in terms of profitability. that is a big factor over the long-term. regulatory things keep popping up. the bigger they become, the more they will weigh on the shares. taylor: that was gabe and our guest. coming up, the eu competition commissioner margaret vestager says the organization will continue to investigate amazon, apple, and facebook. that, plus her comments on a digital tax. and if you like bloomberg news, check us out on the radio. this is bloomberg. ♪ taylor: the eu's antitrust chief margaret vestager has made a name for herself as a tough regulator unafraid to go after big tech. wednesday, she told bloomberg the eu still pursue a digital tax even if a global push fails. maria tadeo spoke to her in france where she was asked how europe's regulatory posture on tech is different. >> in the business environment, you find a lot of impressive tech. you find engineers, research, and an impressive startup environment

let's bring in ygal aruonian this is no big surprise, is it >> thanks for having me. not a big surprise at all. trevor has been pretty much systematically selling his entire ownership in uber i think you could have seen this coming even from the early days of him kind of selling his shares but especially as he exited his entire stake, i think the writing was on the wall. >> is there any bigger statement in it, though, about what he thinks about uber's prospects over the longer term if he's getting out completely >> there could be. it's hard to speculate maybe he feels that the long-term prospects aren't there. maybe he just feels that the company is not being under his leadership doesn't have long-term prospects. he founded this company and he basically created an industry. i would think that he would still have the faith that the industry has a lot of potential and there's a lot of room for it to grow overall. maybe he felt that under current leadership uber wasn't headed in the right direction. but you can't fully blame him for feeling that it's a company he founded