"Today an oligarchy is taking shape in America that literally threatens our democracy, our basic rights, our freedoms," the president said.

President Biden used his farewell address to warn of an "oligarchy" of the ultra-wealthy and a "tech-industrial complex" infringing on Americans' rights.

President Joe Biden offered up a few surprises in his farewell address. Instead of simply summing up his term in office, he warned Wednesday about the increasing influence of the ultrawealthy, criticized disinformation on social media and called for continuing the fight against climate change.

Joe Biden, who will be replaced by Donald Trump in five days, defended his legacy and the importance of American democracy in an Oval Office address

President Joe Biden warned of a rising ultrawealthy “oligarchy” in America that poses a threat to the nation’s democracy, in a grave farewell address delivered Wednesday as he prepares to cede the White House back to Donald Trump.

President Joe Biden capped a half-century political career on Wednesday with a final Oval Office speech as he hopes to seal a legacy overshadowed by Democrats' failure to stop Donald Trump from returning to the White House.

President Biden delivered a primetime farewell address, concluding his five-decade political career. The speech came just days before President-elect Donald Trump takes office for the second time.