read today by white house deputy press secretary sarah huckabee. the president called his son a high-quality person and said he applauds trump junior is transparency. trump junior also posted emails regarding his meeting with a russian attorney. senate republicans will unveil the latest version of the revised health care bill thursday with a vote planned for next week. that'according to mitch mcconnell, who said he would delay the upper chambers august research -- recessed for two weeks. advisorydent's fraud committee is suspending its request for state voter information. that is after 44 states refused to hand another. it will wait for a federal judge to rule whether those requests violate privacy laws. thousands packed a bronx, new york church in honor of a slain

new york city police officer. she was shot to death while sitting in a police vehicle. she was posthumously promoted to detect if. -- detective. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. i'm alisa parenti. this is "bloomberg technology." ♪ emily: i'm emily chang. this is "bloomberg technology." coming up, trump junior's show and tell. the president's eldest son takes to twitter to mount a defense on the latest email scandal to hit washington.we get the latest from the hill. plus comeback.tolo's he returns to the startup scene with a new focus on fitness. he joins us for a wide-ranging interview from everything from

twitter's newly hired cfo, to the culture in silicon valley. amazon echo hits all the right notes on its way to the top of prime day's bestseller list. doubles down on the discount bonanza to push the digital assistant into more homes. the lead. that is the email bombshell coming out of washington involving president trump's eldest son, donald trump junior. trump junior used his twitter account to reveal a series of female exchanges with a british publicist showing he was promised, damaging information about hillary clinton at a meeting with a russian lawyer during the presidential campaign. donald trump junior said in a statement that he had released emails "in order to be totally transparent." president trump came out with a response through spokeswoman sarah huckabee sanders, that trump junior is "a high-quality person." joining us from capitol hill, however white house correspondent kevin cirilli. give us the latest. isorter: the white house

defending donald trump junior today, including the president himself through a deputy spokesperson, sarah huckabee sanders, saying donald trump junior is a "high-quality person," but i've spoken with several lawmakers who are pressing for more answers, particularly on the eve of the testimony before the senate judiciary committee tomorrow, and president trump's announcement to be fbi director. senator john cornyn, a republican from texas, said donald trump junior should in fact testified before the committee. i also just interviewed house freedom caucus chairman mark meadows who says he hopes the special prosecutor robert mueller will be able to get to the bottom of this. i apologize, special counsel robert mueller, will get to the bottom of this. senator marco rubio says the

investigators do need to look into these new emails. emily: so what are the next steps, and how does this affect the special investigation? reporter: i can tell you that there will be poignant questions at the hearing tomorrow on this two christopher wray, particularly how he plans to take up the ongoing investigation into whether there was any kind of relationship with the russians and the trump campaign. it wasn't just donald trump junior at this meeting. it was also jared kushner, the president's son-in-law and senior adviser, as well as paul manafort, who has been the center of this probe for quite some months. he was the then campaign manager. expect to hear not just from democrats tomorrow, but also republicans. emily: our white house correspondent kevin cirilli, i know you will keep us updated throughout the day as that unfolds tomorrow. a new higher now out to it or --

at twitter. the chief financial officer will be effective in late august and will report to jack dorsey. rolell soon -- resume the of cfo from anthony noto since adam bain any. left the company. for more reaction to the story, we are joined by dick costolo, farmers ceo of twitter -- former ceo of twitter. he's now the ceo of chorus, a new company aiming to disrupt fitness. what kind of timing? >> literally five minutes before i got out of the cab. totally unplanned. emily: so is he a good choice? >> i'm sure he's a high quality>> person. i was just riffing on the news story. that was funny to me when i heard of it. [laughter] as i said many times, i have a

lot of confidence in the team over there. i'm sure he's a great addition to the team. emily: we know twitter had a strong quarter with growth, but they reported their first quarterly loss. do you expect any change in strategy with the new cfo? >> i couldn't say. but those guys are pretty focused and have been clear about what they are working on. i would expect that to continue as long as they are promoting it. emily: let the you think a new mandate of a cfo would be? think it's probably anthony taking on a day-to-day operating role, and moving fully into the coo role, and they need someone to backfill into the cfo role. emily: let's talk about the trump administration. there's been a lot of noise. i'm curious from someone who has started many companies -- >> many, many companies.

emily: what is it like starting a company under the trump administration is it different? ? emily: >> this feels that the question you should ask when we are walking along the appear -- pier. to be honest, it's not that different when you are in the day-to-day trenches of running a startup. you are focused on hiring pipeline and trying to find the right people on the team, and trying to get the bugs out of of thea, and performance data better, trying to understand user dynamics. i would say that to be perfectly a day-to-day basis, it doesn't really affect the way we think about what we are doing. largely cameeaders out against trump, so we haven't yet seen some of the results of the policies he has promised. to blockw it appears start of visas given to entrepreneurs from foreign

countries. how a gay deal is this? -- how big a deal is this. >> to be blunt about it, i think it's a sign he's not paying much attention to what tech leaders are talking about. i can assure you they are promoting an idea. it promotes job creation in the u.s. you want then best -- the best job companies in the world promoting their big businesses here and hiring people here, and to theng it elsewhere, extent that you can attract them here and film those companies here and thrive here with a great asset to capital. i think at's probably a sign, not having been in those discussions, it's paying lip

service to tech leaders. aily: we've seen stock take bit of a hit in the last couple of weeks. they also take a hit today in the wake of another email scandal from the president, so what would you be bracing for the public? >> i thought for a while that the markets had an underpricing risk with everything going on in the world, not just this. things in europe and elsewhere in the middle east. i would continue to be bracing for what i would have expected by now to be a lot more volatility. i would be surprised if it continues to be the case for an extended period of time. emily: how about in the private markets? >> it has been the case recently

stagehese very late private market valuations of company staying private for 6, 7, 8, 10 years now and of being -- end up being much higher than when the company's debut in the public markets. that's probably going to continue to be the case in the near-term, meaning you will see companies go public in 18 and maybe early 19, whose late round private valuations were much higher than the initial public valuations. i don't see that changing anytime soon. i see continued, lots of money in the private markets chasing few deals, which drives up the price is, and when they finally see the light of day in the it's sort ofs, probably, rightly turns out to be they are not worth as much as the last private rounds were. ceo dickrmer twitter costolo, we will continue this conversation after the break,

and talk more about what you are working on now.lots more coming up. a quick reminder that "bloomberg technology," is live streaming on twitter. check us out 5 p.m. in new york, 2 p.m. in san francisco. this is bloomberg. ♪

emily: a stock we are watching is snap. after closing just below its ipo price on monday, it continued its decline, falling nearly 9% today. it was downgraded by morgan stanley amid concerns over --petition from instagram in and the ability to grow as fast as expected. the market cap of about $18 billion stands in contrast to the high-end valuation target of $40 billion one person described back in october.

we are back with dick costolo, currently the ceo of chorus fitness, and former ceo of twitter. what's your outlook on snap? >> i have said for many years that i think having is maybe the -- eva is maybe the best consumer product think are out there. he has innovated over and over , with stories, then spectacles, now geo-filters that my son and all his friends use all the time. i think he is a remarkable consumer product anchor. the challenges for these companies include, and the consumer advertising space, facebook has just got lots of the cards. they had volume, they have , their ability to deliver quality efficiently,

hyper efficiently for advertisers is so great that it makes competing in that space difficult if you don't have that kind of scale, and the other advertising tools at their disposal. that will be the challenge for them. it will continue to show interesting and fascinating consumer insights that will probably continue to be copied by others. they will have to try to figure out how to aim -- outflank bigger players like faith. -- facebook. emily: that said, growth is slowing, facebook is copying features across all its platforms, and potentially blocking future growth in international markets. you had to contend with facebook at twitter. can snap overcome that? >> it is a challenge. there's no question. has is he is evan a remarkable consumer product thinker.

the fact that he launched spectacle when he did, in the wave of people letting go of google glass -- emily: spectacle took off momentarily. >> as a consumer product in the digital space, as an innovator, he has launched a number of tech products, he had had a number of insights that have been wildly different than anything else. if he has the ability to continue to do that quickly and monetize on the heels of those innovations, that's great, and probably their best that. tbet. andchallenges it facebook all of these things and continue to present opportunities as, we have the same thing, but with a bigger audience, to advertisers, that is tough to compete against. emily: silicon valley has been rocked by sexual harassment claims.

the uber ceo resigned. funds have been closed. losses have been filed. what is your take on the bro culture problem in silicon valley? >> i don't mean to trivialize it, but it's a problem. i think it is probably actually may be understated and underreported. it's probably way worse than we've seen so far. it, i think inut a lot of cases the investors in some of these venture firms are simply ignoring it and maybe paying lip service to it, but ignoring it, and funding some of the enterprises anyway. it is widely understood that some of these issues were things that had been said in the background, and yet new funds were raised, and on and on. until the capital being

committed by these lps to the venture funds start to take it seriously and invest in more y in women running the funds, and maybe gender specific funds, or people of color funds, you will continue to see lipservice paid. when push comes to shove, the money is flowing into these anyway. emily: we have seen a lot of long-winded apologies. do you buy it? >> i mean, it is hard for me to ,omment on that stuff, because you know, i'm not in either of their shoes, either the victims or the predators. i don't know. -- it's a pattern,

and when something comes out, people say, "oh gosh." you look askew at it. emily: reid hoffman is talking about a third hr function to oversee the relationship between vc's and entrepreneurs. is that a realistic solution? >> i don't think that is sufficient. loves like saying -- i reid, i understand what he's trying to do, but the answers seem more dramatic to me. why aren't people funding women only gps? there are certainly 20 of funds where the gps are all men. i don't thin those things are getting funded. kand instead to the people already in these guys only promise tos, if you do xyz, i would like to see more

money flowing. there are a lot of smart women in the valley. a lot of them are in the venture business. let's enable a few of them to create their own fund and get after it. there are new funds launching on the time you have people. able to get funds raised with what i would even go as far as to say aren't records you would look at and say, yes, i'm going to find that new venture. there are plenty of super qualified women out there that i with lpse to see more and institutional investors putting their money where their mouth is. emily: quickly, i know you are very focused on hiring women at at a smaller stage making sure it is 50-50. what is your vision for this company? a social fitness platform. our vision is that in the real world the way people get healthy and live healthy is through social motivation and social accountability.

online, most business platforms are one-on-one. program for you. then you do it and try to keep yourself motivated in isolation. chorus is about getting a team of people together to help each to do whatmotivated they want to do and do it they committed to do, to help each other be successful. emily: when is it coming out? >> it is in beta. we are working on the dynamics. i would say late this fall. emily: dick costolo, chorus fitness ceo, former ceo of twitter, great have you on the show. thank you. coming up, we are on the ground at the taobao festival. which gadgetsou the youngest consumers in the country are gravitated towards -- gravitating towards. this is bloomberg. ♪

emily: alibaba is taking a page from the amazon go cashless convenience store by showcasing a similar concept in its chinese hometown.

bloomberg tv not asia correspondent stephen engle got a use -- a look at the taobao maker festival that features other new retail strategies that integrate online with off-line shopping. reporter: the taobao maker festival is where the virtual world meets the physical. someone hundred eight taobao 108 taobaod -- some vendors selling, millennials by all kinds of stuff. the festival, in its second year, is doubled in size of last year's. showcase off-line -- for the online sellers without the crippling brick-and-mortar overhead. whether it is the latest in eye-popping design or body stocking virtual-reality combat, the taobao festival represents the youth driven consumer economy of china. in fact, a quarter of the -- thosere so-called born after 1990. in this melee, the generation gap was evident.

knew exactly what he was doing when he started making these portable and professional folding electric guitars. >> this is the only way we could get so many exposures at a certain time. we only existed for two years. reporter: how many have you sold? >> about 1000. reporter: are all your customers in china? >> we sell in the u.s. we have distributors there already. we just started. reporter: alibaba is also just cafe new retail concept, targeting young consumers were more adept at using mobile wallets. it is grab and go, cashless, and cashier list convenience. much like the amazon go concept, cafe has its flaws. for example, you can't have too many shoppers inside at the same time. in the beta trial, it can overwhelm the system.

but for alibaba, it pays off. it gets shoppers, on my paypers, to use their ali in the off-line world. that is data that is very valuable. emily: bloomberg's stephen engle reporting from china. coming up, one of the world's biggest cybersecurity companies has ties to russian intelligence services that go deeper than previously known. we will bring you a bloomberg businessweek report. this is bloomberg. ♪

alisa: i'm a alisa parenti in washington. you are watching "bloomberg technology." that's a start with a check of your first word news. the epa has been saved from proposed m