Biden warns of emerging oligarchy in farewell address as US president

In his farewell address, President Joe Biden warned of an emerging "oligarchy" in America, driven by a concentration of power among tech billionaires. He expressed concern that this could threaten democracy and basic rights. Biden highlighted the influence of figures like Elon Musk, Jeff Bezos, and Mark Zuckerberg, who are closely aligned with incoming President Donald Trump. He noted their significant financial contributions to Trump's election efforts. The outgoing president also raised alarms about misinformation, the decline of the free press, and the potential dangers of artificial intelligence. He emphasized the need for safe and trustworthy AI development, urging America to lead in this area.