Welcome to Texas ProRata, where we take just 10 minutes to get you smarter on the collision of tech, business, and politics.

Presented by Bridge Bank. Be bold. Venture wisely. I'm Danper Mack. On today's show, Robin Hood becomes a target and the next front in Washington's fight against Big Tech.

But first,

The President

That should have been the theme song for Michael Bloomberg's campaign, which formally ended this morning.

After the former New York City mayor failed to win a single one of the 14 states that voted

yesterday during Super Tuesday.

Yeah, he got American Samoa and some delegates here and there, but the upshot is that

as I record this, Bloomberg is preparing to publicly explain why he's endorsing Joe Biden

for president.

Why it matters is that Bloomberg's campaign proves you cannot buy elections.

You just can't.

Money can and certainly does help you win elections, but it can't be the primary force.

Now the numbers here are just staggering.

Bloomberg is estimated to have spent around $600 million on his campaign over what was

really just around 100 days.

For context, Donald Trump's entire 2016 campaign,

primaries in general included, are estimated to have spent less than $400 million. Now, Bloomberg

has pledged to direct his massive machine to support the eventual nominee, whether Biden or Sanders,

although it looks like Biden will be the initial beneficiary. The questions now are exactly how that will work and what future campaigns will learn from Bloomberg's failure.

We'll discuss all that and more in 15 seconds with Axios co-founder Mike Allen.

But first, this.

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