Biden warns of oligarchy as Trump welcomes tech billionaires at inauguration

mcall.com

President Joe Biden has warned that the U.S. risks becoming an "oligarchy" of tech billionaires. This concern is highlighted by the presence of Elon Musk, Jeff Bezos, and Mark Zuckerberg at Donald Trump's upcoming inauguration. Musk played a significant role in Trump's campaign, contributing $200 million. Bezos and Zuckerberg have also aligned closely with Trump, despite past tensions. Together, these three billionaires hold nearly $1 trillion in wealth. The growing influence of billionaires in politics raises concerns about wealth inequality. While the wealthiest 0.1% own a significant portion of U.S. wealth, the bottom half holds only 2.4%. This dynamic has prompted discussions about potential reforms to address income inequality.


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