Biden cautions against an 'oligarchy' of 'ultra-wealthy' tech executives after they express support for Trump.

In his farewell speech, President Biden cautioned about the dangers of an "oligarchy" formed by the "ultra-wealthy" as big tech CEOs have been showing support for President-elect Trump.

On Wednesday, Biden spoke as reports emerged that Elon Musk, Jeff Bezos, and Mark Zuckerberg, the three wealthiest people in the world, will be seated next to Trump's cabinet picks and elected officials at his inauguration on Monday.

In his farewell address, Biden warned the country about the dangers of power concentration in the hands of a few wealthy individuals and the consequences of leaving their abuse unchecked.

"Biden stated that an oligarchy is emerging in America, characterized by extreme wealth, power, and influence, which poses a threat to our democracy, basic rights, freedoms, and equal opportunities. He emphasized that this phenomenon is not new, as it has been observed more than a century ago. However, the American people stood up to the "robber barons" then and broke the trust. They did not punish the wealthy but instead made them adhere to the rules that everyone else had to follow."

In November, after his election victory, Trump hosted Musk, Bezos, and Zuckerberg at his Mar-a-Lago home in Florida.

According to The Washington Post, citing FEC filings, Musk donated at least $277 million during the election cycle to help elect Trump and other Republicans.

On Jan. 20, Trump's inauguration was funded with $1 million each from tech giants such as Amazon, Meta, Apple, Google, and Microsoft.

The Department of Government Efficiency (DOGE) has been established, with Musk appointed as its head, to investigate government spending, waste, efficiency, and operations.

The New York Times reported that Musk may occupy space in the Eisenhower Executive Office Building, which is located next to the West Wing and houses the bulk of office space for White House staffers.

In his farewell speech, Biden stated that American leadership and technology are a "unique source of innovation that can improve lives," but also acknowledged the dangers of technology concentration, power, and wealth.

In his farewell address, President Eisenhower cautioned about the dangers of the military-industrial complex, warning of the potential for misplaced power. Similarly, six decades later, Biden expressed concern about the potential rise of a tech-industrial complex that could pose real dangers for our country.

The president stated that Americans are being overwhelmed by a flood of false information, which allows those in power to exploit it. The press is deteriorating, with editors vanishing and social media abandoning fact-checking. The truth is being buried beneath lies that are being spread for both power and profit. The president emphasized the need to hold social media accountable in order to safeguard our children, families, and democracy from the misuse of power.

Artificial intelligence is the most significant technology of our time, with the potential to revolutionize our economy, security, society, and humanity. However, it also poses significant risks to our rights, way of life, privacy, work, and national protection. Biden emphasized the need to ensure that AI is safe, trustworthy, and beneficial for all humankind.

Planet Chronicle’ Andrew Mark Miller and Diana Stancy contributed to this report.