"Today an oligarchy is taking shape in America that literally threatens our democracy, our basic rights, our freedoms," the president said.

President Biden used his farewell address to warn of an "oligarchy" of the ultra-wealthy and a "tech-industrial complex" infringing on Americans' rights.

President Joe Biden offered up a few surprises in his farewell address. Instead of simply summing up his term in office, he warned Wednesday about the increasing influence of the ultrawealthy, criticized disinformation on social media and called for continuing the fight against climate change.

In his final speech from the Oval Office, President Biden urged the country to remember its roots and not surrender its values at the altar of a populist nationalism that he sees as dangerous.

President Joe Biden warned of a rising ultrawealthy “oligarchy” in America that poses a threat to the nation’s democracy, in a grave farewell address delivered Wednesday as he prepares to cede the White House back to Donald Trump.

President Joe Biden bid farewell to the nation and his 50 year political career with an address warning against an oligarchy while offering optimism.

President Joe Biden capped a half-century political career on Wednesday with a final Oval Office speech as he hopes to seal a legacy overshadowed by Democrats' failure to stop Donald Trump from returning to the White House.

In his farewell speech from the Oval Office days before his presidential term ends, President Joe Biden warned that an “oligarchy is taking shape in America.”