In his final address before stepping down, outgoing US President Joe Biden issued a strong warning about the growing “dangerous concentration of power” among a few ultra-wealthy individuals, urging Americans to remain vigilant in the face of threats posed by oligarchs, disinformation, and artificial intelligence (AI) under the incoming Trump administration.

Biden reflected on his accomplishments, particularly the US economy’s recovery from the Covid-19 pandemic and stronger international alliances. However, he also expressed deep concern about the increasing influence of wealthy elites surrounding President-elect Donald Trump, particularly billionaire Elon Musk, calling it a “threat to our democracy.” He noted that the concentration of extreme wealth and power is undermining the fundamental freedoms of Americans.

In his speech, Biden echoed the warnings of former President Dwight Eisenhower about the dangers of a growing military-industrial complex, drawing parallels to a potential “tech industrial complex.” He raised alarms about the rampant spread of misinformation, declining press freedoms, and social media platforms abandoning fact-checking, all contributing to the erosion of democracy.

Biden also spoke out against efforts to undo progress on climate change and highlighted the risks posed by AI to the economy and security. As he prepared to leave office, Biden’s approval rating was low, though still higher than his predecessor and successor.