Biden's Parting Shot: The Rise of a Tech Oligarchy

In a farewell message, U.S. President Joe Biden warned of a burgeoning American oligarchy formed by wealthy elites, echoing Eisenhower's concerns of a 'military-industrial complex'. Biden highlighted dangers from a 'tech industrial complex', stressing threats to democracy, freedom, and misinformation's role in power abuse.

In a striking farewell address, President Joe Biden expressed concern over the emergence of what he terms an 'oligarchy' within the United States, warning of a 'dangerous concentration of power' among a wealthy few. His remarks drew parallels with President Eisenhower's 1961 exit speech highlighting military-industrial threats.

Biden's comments pointed to the heads of tech conglomerates and wealthy individuals who wield significant influence in American politics and society. Without naming names, he referenced billionaires like Tesla's Elon Musk, cautioning against a modern-day 'tech industrial complex' that could undermine democratic principles.

He criticized social media platforms for their declining commitment to fact-checking, highlighting Meta Platforms' recent decision to cancel its U.S. fact-checking program amid conservative pressure. This, he warned, contributes to a landscape where misinformation flourishes, jeopardizing pillars of democracy and freedom. The farewell address epitomizes Biden's concerns for the future, urging vigilance and accountability in an evolving digital age.

(With inputs from agencies.)