Biden warns of ‘dangerous’ oligarchy taking shape in farewell speech

Outgoing US President Joe Biden, in his farewell speech, warned of a “dangerous” oligarchy taking shape in the US and ended a decade-long career in politics.

“Today in America, an oligarchy of enormous wealth, power and influence is taking shape that truly threatens our entire democracy, our basic rights and freedoms,” he said Wednesday.

Biden, 82, took aim at the “ultra-wealthy tech industrial complex,” which he said could wield unchecked power over Americans.

He also used his final televised speech from the White House to issue a warning about climate change and disinformation on social media.

“Americans are being buried under a barrage of misinformation and disinformation, leading to abuse of power,” he said. “The independent press is crumbling.”

Biden also warned of the dangers of AI, saying that America, not China, should lead the world in its development.

Describing his record on climate change while in office, he said that “powerful forces want to use their unchecked influence to undo those achievements”.

He wished the incoming administration of Donald Trump success, before warning the country about “some things that concern me very much.”

He said there was a “dangerous concentration of power” “in the hands of a very few ultra-wealthy people”.

This is a developing news story. More updates to follow.