Outgoing US President Joe Biden gave his farewell address to the nation from the Oval Office on Wednesday and warned Americans about a “dangerous concentration of power” among a few wealthy people in the United States.

“Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy, our basic rights and freedom and a fair shot for everyone to get ahead,” Biden said.

The President also warned that Americans are succumbing to misinformation and that press freedoms are deteriorating, as Republican Donald Trump prepares to return to the White House in a few days.

It’s been the privilege of my life to serve our nation for over 50 years.

I’ve given my heart and soul to you, and I’ve been blessed a million times in return with the love and support of the American people.

Join me as I deliver my farewell address. https://t.co/DRr4U4sa7B

— President Biden (@POTUS) January 16, 2025

“Americans are being buried under an avalanche of misinformation and disinformation, enabling the abuse of power,” he said, adding that “the free press is crumbling. Editors are disappearing.”

He said that social media is giving up on fact-checking. “The truth is smothered by lies- told for the power and profit. We must hold the social platforms accountable to protect our children, our families and our very democracy, from the abusive power,” he said.

Biden also expressed concerns about the rise of a “tech-industrial complex” and called for holding social media platforms accountable.

“Americans are being buried under an avalanche of misinformation and disinformation, enabling the abuse of power. The free press is crumbling. Editors are disappearing. Social media is giving up on fact-checking. The truth is smothered by lies told for power and for profit.”

In a veiled attack on Trump, he said ‘powerful forces’ threatening climate achievements.

He noted that after eight months of nonstop negotiation by his administration, a ceasefire and hostage deal had been reached by Hamas.

The President is leaving office with a low approval rating – though higher than his predecessor and successor did. Biden’s term officially ends on January 20 with Donald Trump’s inauguration.