Biden gives farewell address from Oval Office as he prepares to cede power to Trump

President Joe Biden used his farewell address to the nation Wednesday to warn of an “oligarchy” of the ultra-wealthy taking root in the country and of a “tech-industrial complex” that is infringing on Americans’ rights and the future of democracy.

Speaking from the Oval Office as he prepares to hand over power Monday to President-elect Donald Trump, Biden sounded alarm over the accumulation of power and wealth among a small few.

“Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy, our basic rights and freedoms, and a fair shot for everyone to get ahead,” Biden said, drawing attention to “a dangerous concentration of power in the hands of a few ultra-wealthy people. Dangerous consequences if their abuse of power is left unchecked.”

Invoking President Dwight Eisenhower’s warnings about the military-industrial complex when he left office, he added, “I’m equally concerned about the potential rise of a tech-industrial complex that could pose real dangers to our country as well.”

Biden sounded the alarm as some of the world’s richest individuals and titans of its technology industry have flocked to Trump’s side in recent months, particularly after his November victory. Billionaire Elon Musk spent more than $100 million on helping Trump get elected, and executives like Meta’s Mark Zuckerberg and Amazon’s Jeff Bezos have donated to Trump’s inaugural committee and made pilgrimages to Trump’s private club in Florida for an audience with the president-elect.

Biden also called for a constitutional amendment to end immunity for sitting presidents, after the Supreme Court granted Trump sweeping protections last year from criminal liability over his role in trying to undermine his 2020 defeat to Biden.