>> live from. three in san francisco, welcome to "bloomberg west," where we cover technology, innovation, and the future of business. i'm emily chang. why did president obama choose facebook to announce he will be issuing an executive order on immigration? fox news wendell goal or asked that question to the white house -- wendell goler asked that question to the white house press secretary. >> the video reached mother 1.2 million users on facebook, and 227,000 people have viewed it and another 12,000 have shared it. >> it is also interesting to

note that none of the major market -- major broadcast networks will be carrying it live. you can see it on bloomberg. more than 283,000 shares of twitter were sold for more than $11 million. a spokesman said the stock sales were in accordance with a trading plan to diversify kosovo's invest -- costolo's investments. this time, in retail its gap that is struggling to boost sales. it had a 5% drop in sales at its name stake -- namesake store, the gap. this comes as there are struggles and leadership changes. the numbers are in with alibaba's first bond offering. the chinese e-commerce giant has race eight million dollars. earlier, it was said that

alibaba had $67 billion worth of bond orders, about seven times the event that were eventually sold. to our lead, it has been a really rough ride for googler --uber this week after an executive reportedly suggested snooping on reporters. now it has caught the eye of lawmakers. one lawmaker sent a letter asking about their practices. and he said he was concerned about their god view software giving them the ability to track the drivers. her said he would respond in the coming weeks. it also wrote -- uber said they would respond in the coming weeks. it also wrote a blog post. i thought it asking how uber should discipline and neil

michael. -- emil michael. >> it felt like what he was doing was trying to have a chilling effect on journalists who would write quickly about uber, and i don't think that's appropriately. -- that's appropriate. i was just wondering if uber had taken any action with him or not. i guess that is up to uber. >> to your point, it raises a number of issues, certainly the chilling effect being one of them. what other issues do you think this raises? >> i'm chairman of the subcommittee and judiciary committee on privacy, technology, and law. this has a basic privacy issue about individuals rights to control who takes privacy information like geolocation -- that is what we are talking about here. that has been a lot of focus of

mine, and how that information is accessed and shared. it appears they have something called god view at uber, where employees of uber can access this geolocation information. it's not clear for what purpose it's used. they say business purposes. i asked them to define that. but they had an incident where an executive from uber had a journalist come to interview him at his office and he told her that he had been tracking her there.

and evidently, that speaks to a certain -- >> and he did not seem to think there was a problem with that. that's amazing. >> yes, again, that speaks to a certain cluelessness. for a company that evidently stores your geolocation information, it's a little disturbing to say, hey, journalist who has come to my office, i tracked you here. it just suggests a little tone deafness. >> senator, uber is a private company. how much authority do you have? if you don't get an answer that you like from them, what can you really do? >> well, we have been exploring writing laws about what companies can do with geolocation information, whether they have to seek permission to take it or store it. and we can write legislation on whether people can opt in or opt out. there is legislation you can write to cover this whole area.

we will not talk about uber specifically. but also, we can shine a light on uber. all of this has to be done within the propriety of our role in congress. >> now, i wonder, is the way uber handles user information any more critical than facebook or critical -- facebook or google? because we're talking about real people getting into real cars with real drivers in the real world. >> yes, this certainly has different implications and certain other kinds of information. but all geolocation information, we think, is a special problem. and it's very important information.

who goes to the doctor and where they go to the doctor, and where you go to church, and where you pick up your kid at school -- all of that is pretty private information. >> do you feel like the senate will have an increasing role in this privacy debate as so many more companies are gathering data and have the ability to track location and behavior in so many ways that were not even possible couple of years ago? sexy yes, my subcommittee has been shining light on that. -- >> yes, my subcommittee has been shining light on that. purpose is to look at technology, and we have this technological acceleration. at some point, someone for example, had to decide whether tapping a phone by the government was a violation of the fourth amendment.

the founding fathers did not perceive the telephone. as these new technologies exist and accelerate, we have a role in determining what is appropriate and what is protecting people's privacy. >> senator, do you use uber or have you ever used it? >> i have. >> will you continue to use it? >> i'm going to wait for the answers. actually, when i use uber, it's because my wife uses uber. it's usually like, how are getting their? you are getting in a car that is coming. >> but if you don't get the answers that you like, will you continue to use it? >> i really have to -- i won't rule out ever using uber. i won't do that today, right now.

>> in other words, what you are saying is frannie is going to kill you if you tell her that she cannot take uber. >> that is what i'm saying. >> because they are really dominant. >> yes, and i think that might be a wake-up call for them. the executive that told the journalist, you know, i've been tracking you on the way over here -- [laughter] -- it may wake them up a little bit and help them to understand what the proper use of the geolocation information is and what it means to people. >> what is your advice for uber at this time? >> number one, to answer my letter. and to also put in place policies that would give people confidence that their geolocation information will not be improperly shared or looked at for the wrong reason. >> we will have more with senator al franken of bit later

in the show. oh, no, go pro -- shares tank after secondary offering prices at a deep discount. we tell you what it means for everybody's favorite camera on a stick, next. ♪

>> i'm emily chang and this is "bloomberg west." go pro had a wildly successful ipo in june with aspirations of becoming much more than a camera maker. go pro even pitched itself as a media company. but after last night's discount

a secondary offering, it's left many people to wonder if they can build an empire on the helmet straps of its users. cory johnson is back with more. what is going on? >> go pro did an ipo, put out a limited amount of stock, and they have 100 free 5 million shares, but only 10 million in the offering. the stocks -- 140 5 million shares, but only 10 million in the offering. the stocks trade like crazy. everybody loves these videos, the shots from someone's chest or your head, the motorcycle riding, the kite boarding, the surfing. i love these videos. the stock has had a terrific run, more than doubled since the ipo. and the company is having his great success. but there are a limited number of shares out there. and the trading was frenetic. yesterday, nearly half of the shares traded every single day among which is rare to see 50%

of the flow trading in any stock. last night, they priced the secondary at a significant discount to where the stock was trading. when you out there and sell more stock, you want the stock high and higher, or you don't do the offering. he did the offering last night at $75. it open yesterday at 80 five dollars. the market sees that as a sign of weakness. >> is it a sign of weakness? >> it is a sign that they are pretty desperate to get this sale done, to raise this money. >> what you think the prospects for growth -- four go pro are right now? one analyst compares the co2 steve jobs. >> yes, alex loves go pro, and he also owns it. he seems to put his money where his mouth is. but it's also worth noting that he is an owner of the stock when

he's talking about how much more profitable it should be. >> what is the likelihood it could expand to becoming a media company? because it doesn't own the rights to its content. >> olympus doesn't own the rights to what i take pictures of with my camera. it's just a different business that they are not in yet. they do not have revenues from media yet. they don't have a separate line item for media. >> how much of a business do they have? maybe the numbers are not there, but what strategically have they done? >> they have a channel on virgin america flights and other places. they have a youtube channel. it's interesting to watch, but not a significant source of revenues. furthermore, the secondary offering today of 10 million shares, only about 12 million shares were sold -- 12% of the

shares were sold by the company. the ceo sold 4 million shares today. and he's also got it on lockup. it imposes another lockup for the people who work at this company, and those who helped build this thing along with he and his wife. they were not able to sell shares, but the ceo was. and he took a lot of money off the table today. and he was willing to do so even with a steep discount from her the stock was trading just yesterday morning. >> where does go pro go from here? >> they will do business, but without the full state of the founder, -- stake of the founder, because he took so much money out of the business. own, no, -- oh, no, go pro. >> [laughter] little brainstorming after the show. -- we will do brainstorming after the show. box has been stuck waiting for ipo for months. will it ever go public echoed i

speak with the ceo, aaron leavy, next. ♪

>> welcome back. i'm emily chang and this is "bloomberg west." fox has over 27 million users and is valued at over a billion dollars. -- box has over 27 million users and is valued at over a billion dollars. it has yet to have an ipo. will it ever take the plunge? he recently took on money from

tbg -- tpg for sub why did you take that money? >> we had filed to go public in march of the -- of that year and right after that, there was a trend in the tech stock base. there was quite a bit of volatility in high-growth technology companies. we decided it was not the best time to bring a new company to market. and we had amazing support from some private market growth, sort of late stage investors. they were willing and interested in supporting the company as a private company. so we took that money on to allow us to continue to invest in growth, invest in the business model and building out rocks without necessarily going public.

is the status with the ipo? -- >> what is the status with the ipo? >> we are still on file, so i cannot talk too much about that. but you will definitely be one of the first people to hear about it once we share any updated thinking. >> how much have you wondered, did we make a mistake? did we file too soon? flex what is obvious is we should not have filed when we did, because we certainly dealt with a lot of distraction because of that filing. i think that whether that was a lot of the unfortunate news reports and a cycle that had to come about -- that had to happen around the business because we brought on a filing, it was absolutely a distraction to what our core focus is and has been, which is execution and building up the business. but life is certainly too short to have any specific regrets. we have learned and we remain in full execution mode. ex i'm curious what that moment was like to you -- >> i'm curious what that moment was like to you.

you opened your books to the world. one person has called it a box of horrors. >> he was a horrible moment. in the technology industry to my you have to make a pretty significant investment. in our case, we made a rest -- an investment in research and development, and in our ability to go to market and reach these customers. >> there was a criticism that you are selling -- spending more on marketing and acquiring customers then you are making. >> every dollar that we acquire in revenue is a dollar that we generate revenue annually. we just happen to view our s-1 at a point where the new investments had outpaced the revenue scale. i think we are now in a stage where the revenue, we are focused on growing that, of course, and that is compounding. but we don't have as many significant new investments, because we have built up the enterprise sales force.

you are starting to see the efficiency play out over time. >> how much have you thought about selling box versus staying independent or going public? >> we want to sell our software. >> will box still become a public company? >> that is the path we are on. it's pretty likely. >> you would not say yes? >> i would say yes in the sense that it is the path we are on. >> don't miss the full interview with box ceo and cofounder, aaron levie tonight at 8:30 p.m. eastern and pacific. when we return, we speak with senator al franken on net neutrality. >> time now for bloomberg television on the markets. i'm julie hyman. let's take a look at where

stocks traded today. we did see records once again for the dow and s&p, even though each only gained about 0.2%. better than estimated economic data as well as some earnings drive stocks higher. energy was doing better with oil on the rise in the session. ♪

>> is known for his magic tricks and his ironic tweet. started building websites it was as far and back as middle school. the cofounders still work theog