President Biden warned in his farewell speech about the “ultra-rich” “oligarchy” posing a threat to America as big tech CEOs warmed to President-elect Trump in recent months.
Biden spoke Wednesday after reports emerged this week that Elon Musk, Jeff Bezos and Mark Zuckerberg — the world’s three richest people, who are worth more than $850 billion combined, according to Forbes — will sit next to Trump’s cabinet selection and elected officials next Monday at his inauguration.
“I have no doubt that America is in a position to continue to succeed. That is why in my farewell address tonight I want to warn the country about some things that worry me very much. And that is the dangerous concentration of power in the hands of very few, ultra-rich people and the dangerous consequences if it is abused power is not controlled,” Biden said from the Oval Office.
“Today, an oligarchy of extreme wealth, power and influence is taking shape in America that literally threatens our entire democracy, our basic rights, freedoms and fair opportunities for all to thrive,” Biden continued. “We’re seeing the consequences all over America, and we’ve seen them before, over a century ago. But the American people then stood up to the robber barons and destroyed trust. They didn’t punish the rich, they just made the rich play by the rules that everyone else had to play by. ”
Speaker of the U.S. House of Representatives Mike Johnson, President-elect Donald Trump, Tesla and SpaceX CEO Elon Musk and Vice President-elect JD Vance attend the 125th Army-Navy football game at Northwest Stadium in Landover, Md., on Dec. 14. (Kevin Dietsch/Getty Images)
Musk, CEO of SpaceX and Tesla, Bezos, founder of Amazon, and Zuckerberg, CEO of Meta, met with Trump at his home in Mar-a-Lago, Florida, after his election victory in November.
During the election cycle, Musk gave at least $277 million in donations to help get Trump and other Republicans elected, according to Washington Post, which cited Federal Election Commission filings.
Tech giants including Amazon, Meta, Apple, Google and Microsoft are reported that he had donated $1 million each for Trump’s inauguration on January 20.
Mark Zuckerberg and Donald Trump side by side. (Getty Images)
Musk has been tasked with leading the newly created Department of Government Efficiency (DOGE), which will examine issues of government spending, waste, efficiency and operations.
To do this, Musk can take up space in the Eisenhower Executive Office Building just off the west wing that houses most of the office space for White House staff, the New York Times reported.
BIDEN’S OVAL OFFICE GOODBYE IS LIKE “DARK”
US President-elect Donald Trump greets Elon Musk as he arrives to watch the launch of the sixth test flight of the SpaceX Starship rocket on November 19, 2024 in Brownsville, Texas. (Brandon Bell/Getty Images)
Biden also said in his farewell speech that American leadership and technology are “an unparalleled source of innovation that can transform lives,” but “we see the same dangers, the concentration of technology, power and wealth.”
“You know, in his farewell address, President Eisenhower spoke of the dangers of the military-industrial complex. He warned us then of the, quote, potential for a catastrophic rise in misplaced power, end quote. Six decades later, I am equally concerned about the potential rise of the technological of an industrial complex that could pose a real danger to our country as well,” Biden added.
“Americans are inundated with an avalanche of disinformation and disinformation, which allows abuse of power. The free press is crumbling. Editors are disappearing. Social media is giving up on fact-checking. The truth is being choked by lies told for power and profit,” the president continued. “We must hold the social platform accountable.” to protect our children, our families and our democracy itself from the abuse of power.
Jeff Bezos, right, is expected to feature prominently at Trump’s inauguration next week, reports say. (Eugene Gologursky/Getty Images for The New York Times)
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“In the meantime, artificial intelligence is the most consequential technology of our time, perhaps of all time. Nothing offers deeper opportunities and risks for our economy and our security, our society, for humanity. Artificial intelligence even has the potential to help us answer my questions. ending cancer as we know it, but if there are no safeguards in place, AI could create new threats to our rights, our way of life, our privacy, how we work and how we protect our nation safe and reliable and good for all humanity,” Biden said.
Fox News’ Andrew Mark Miller and Diana Stancy contributed to this report.
