Biden warns of oligarchy threatening American democracy in farewell speech

As the Democratic president prepares to hand over the reins to Donald Trump on Monday, January 20, he has issued a cautionary message to the American public regarding "the possible emergence of a tech industrial complex that may present significant threats to our nation."

US President Joe Biden cautioned against the dangerous power accumulation among the ultra-wealthy in his farewell address, emphasizing the need for a peaceful transition and expressing concerns about his successor, Donald Trump without directly naming him.

"Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy, our basic rights, freedoms and a fair shot for everyone to get ahead," he remarked.**

During his 15-minute speech, Biden alluded to the closing remarks of former President Dwight Eisenhower in 1961, highlighting his warning about the influence of a military-industrial complex.

"Six decades later, I'm equally concerned about the potential rise of a tech industrial complex. It could pose real dangers for our country as well. Americans are being buried under an avalanche of misinformation and disinformation, enabling the abuse of power. The free press is crumbling. Errors are disappearing. Social media is giving up on fact-checking," he cautioned.

This comes in the wake of several of the world's wealthiest tech moguls aligning themselves with Trump in recent months.

Elon Musk, the CEO of Tesla and owner of X, cast a significant influence over the Oval Office as Biden made his remarks, notably without mentioning Trump.

Meanwhile, Jeff Bezos of Amazon and Mark Zuckerberg from Meta have also shown their support and extended unusual favours to the president-elect, who has appreciated their gestures.

However, Musk stands out as a unique force, wielding both internal and external destabilizing power, highlighting a concerning blend of personal ambitions and public responsibilities.