"Today an oligarchy is taking shape in America that literally threatens our democracy, our basic rights, our freedoms," the president said.

President Biden used his farewell address to warn of an "oligarchy" of the ultra-wealthy and a "tech-industrial complex" infringing on Americans' rights.

President Joe Biden offered up a few surprises in his farewell address. Instead of simply summing up his term in office, he warned Wednesday about the increasing influence of the ultrawealthy, criticized disinformation on social media and called for continuing the fight against climate change.

In his final speech from the Oval Office, President Biden urged the country to remember its roots and not surrender its values at the altar of a populist nationalism that he sees as dangerous.

From the White House he will soon cede to Trump, Biden likens the current crop of tech moguls to the “robber barons” of the 19th century.

President Joe Biden bid goodbye to Americans in a farewell address in which he also warned of serious dangers that threaten democracy.

President Joe Biden warned of a rising ultrawealthy “oligarchy” in America that poses a threat to the nation’s democracy, in a grave farewell address delivered Wednesday as he prepares to cede the White House back to Donald Trump.

President Joe Biden bid farewell to the nation and his 50 year political career with an address warning against an oligarchy while offering optimism.