United States President Joe Biden delivered a stark warning in his farewell address on Wednesday, calling attention to the rise of what he described as an 'oligarchy taking shape in America.' Speaking from the Oval Office, Biden expressed apprehension about the growing concentration of power and wealth among a few tech billionaires, which he believes poses a severe threat to the democratic fabric of the nation.

'An oligarchy is taking shape in America of extreme wealth, power, and influence that really threatens our entire democracy, our basic rights, and freedom and a fair shot for everyone to get ahead,' Biden stated.

Although he refrained from naming specific individuals, his remarks appeared to target figures like Elon Musk, the CEO of Tesla and the world's wealthiest man, along with Jeff Bezos of Amazon and Mark Zuckerberg of Meta.

These tech moguls are set to feature prominently at the GOP inauguration ceremony as the Republican successor assumes office.

Beyond warning of individuals’ influence, Biden expressed concern about a potential 'tech industrial complex.' This conglomeration, he warned, may endanger democratic principles by inundating Americans with unverified information and fostering the abuse of power.

'The free press is crumbling.

Editors are disappearing.

Social media is giving up on fact-checking,' Biden asserted, emphasizing the changing landscape of information dissemination.

In the evolving technological domain, the President cautioned about the emerging threats posed by artificial intelligence (AI), highlighting the need for rigorous control.

'We must make sure AI is safe, trustworthy, and good for all humankind.

In the age of AI, it's more important than ever that the people must govern, and as the land of liberty, America, not China, must lead the world in the development of AI,' Biden declared.

The tech sector has seen unprecedented growth, with the stock market value of major companies such as Apple, Tesla, Nvidia, and Meta surging 46% in the past year.

This upward trend contrasts sharply with other U.S.-listed tech firms, underscoring the concentrated success among a select few.

Musk, who now owns the social media platform X, has made notable changes such as restricting content moderation, mirroring similar moves by other tech firms like Meta, which has relaxed curbs around contentious topics.

These developments, according to Biden, necessitate vigilance to prevent any detrimental impact on democratic engagement and freedom of speech.

As Biden concluded his presidency, his remarks served as a somber call to recognize and address the pressing issues presented by rapidly advancing technology and its implications for the future of governance and societal equity in the United States.