In a farewell speech, Biden warned that the wealthy “tech-industrial complex” threatened American democracy

US President Joe Biden used his farewell address to the nation on Wednesday to warn against the “oligarchy” of the super-rich taking root in the country and against a “technology-industrial complex” that violates the rights of Americans 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 the alarm about the accumulation of power and wealth among a few.

“Today, America is shaped by an oligarchy of extreme wealth, power and influence that truly threatens our entire democracy, our fundamental rights and freedoms, and a fair chance for all to get ahead,” Biden said, calling attention to the “dangerous focus.” “Power is in the hands of a wealthy few, and their abuse of power will have serious consequences if left unchecked.”

Citing Dwight Eisenhower’s warnings about the military-industrial complex when he left office, he added: “I am equally concerned about the potential rise of a technology-industrial complex that could pose real risks to our country as well.”

Biden’s warning comes as some of the world’s richest individuals and tech industry giants have flocked to Trump’s side in recent months, especially after his victory in November.

Watch | Biden issues a farewell message:

Biden issues farewell message ahead of final Oval Office address

US President Joe Biden concludes his half-century political career on Wednesday with a final speech in the Oval Office. Biden said in a letter that he “gave my heart and soul to our nation.”

Billionaire Elon Musk spent more than $100 million to help Trump get elected, and CEOs like Meta’s Mark Zuckerberg and Amazon’s Jeff Bezos have donated to Trump’s inauguration committee and made visits to Trump’s private club in Florida to attend a meeting with the president-elect.

Biden also called for a constitutional amendment to end post-election immunity for sitting presidents The Supreme Court granted Trump sweeping protections last year From criminal liability for his role in trying to undermine his 2020 defeat to Biden.