Biden delivers farewell speech: Warns of the formation of "oligarchy politics" dominated by super-rich

U.S. President Biden delivered a farewell speech in the Oval Office on Wednesday. He warned Americans that power is dangerously concentrated in the hands of "a very small number of super-rich" and he fears this could impact American democracy.

"Today, America is forming an oligarchy - extreme wealth, power, and influence are actually threatening our entire democracy, our basic rights and freedoms, and everyone's fair chance to move forward," said Biden, who was accompanied by his family and long-term aides.

Biden expressed concern about the consequences if wealthy Americans use their influence to win tax cuts, revoke efforts to combat climate change, and reduce accountability.

Biden compared it with former President Dwight Eisenhower's farewell speech where Eisenhower warned about the "military-industrial complex". Biden stated that the nation now faces threats from a "tech-industrial complex."