Biden cautions against an 'oligarchy' while accepting donations from wealthy Democrats.

President Biden cautioned in his final address of an "ultra-wealthy" "oligarchy" posing a significant danger to America, as big tech CEOs have been warming up to President-elect Trump in recent months, despite his own administration accepting donations from Democratic mega-donors.

On Wednesday, Biden spoke about the upcoming inauguration, where Elon Musk, Jeff Bezos, and Mark Zuckerberg, the world's three wealthiest individuals, will sit next to Trump's Cabinet picks and elected officials.

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.

During the third quarter of 2023, billionaires including George Soros supported Biden's re-election campaign, according to filings reviewed by Planet Chronicle Digital.

Between July and September, the Biden Victory Fund received six-figure contributions from deep-pocketed donors.

In 2023, a Soros-funded group gave $15 million to a nonprofit linked to Biden's main outside super PAC to assess important policy issues, according to records.

The Open Society Policy Center, a nonprofit advocacy group, received $15.18 million from the Open Society Foundations network in 2022 to fund research and content testing on critical policy issues for Future Forward USA Action.

In the same year, LinkedIn co-founder Reid Hoffman, a billionaire, made a significant six-figure donation to support Biden's re-election campaign.

In 2020, billionaires Howard Schultz, Michael Bloomberg, and Tom Steyer made significant contributions to the Biden campaign.

The newly created Department of Government Efficiency (DOGE) will be led by Elon Musk, who has been assigned this role in the incoming Trump administration. This department will focus on examining 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.

This report was contributed to by Andrew Mark Miller, Joe Schoffstall, Jessica Chasmar, and Diana Stancy from Planet Chronicle.