Biden warns the nation about the rise of tech oligarchs in the United States.
"The reality is obscured by the lies told in the pursuit of power and profit."
President Biden used his last public address from the Oval Office to alert the nation about the dangers posed by the spread of misinformation and power-hungry tech leaders. In his farewell message, he emphasized that "an oligarchy is forming in the United States today, marked by extreme wealth, power, and influence that literally threatens our democracy, our fundamental rights, and the equity for all to have the opportunity to progress."
Biden recalled President Dwight Eisenhower's warnings about the military-industrial complex, which caused "a disastrous increase in misplaced power." Six decades later, he expressed concern about the potential emergence of a technological industrial complex that could pose real dangers to the country. While acknowledging the technological leadership and innovation of the United States, Biden highlighted his unease about "a dangerous concentration of power in the hands of very few ultra-rich individuals," warning that there could be alarming consequences "if their abuse of power is not kept in check."
Although he did not mention specific names, his reference to the oligarchy likely alludes to Elon Musk, who has taken on a leadership role in a non-governmental department of the new administration after spending about $250 million of his own money to aid Donald Trump's election. Alongside Musk, Mark Zuckerberg appears to be another focal point of Biden's concerns regarding the rise of misinformation and conspiracy theories on social platforms. Recently, Zuckerberg announced that Meta would eliminate its third-party fact-checking program for Facebook, Instagram, and Threads in the U.S., as well as various restrictions on controversial topics.
"Americans are being crushed by an avalanche of misinformation that enables the abuse of power," Biden warned. "The free press is crumbling. Editors are disappearing. Social media is abandoning fact-checking. The truth is being smothered by lies told by power and for profit."
On Monday, technology CEOs, including Elon Musk, Jeff Bezos, Tim Cook, Sundar Pichai, and Mark Zuckerberg, are expected to attend Trump's inauguration, taking a place of honor on the dais alongside former presidents and family members. These same CEOs, whether through their companies or personal contributions, are said to have each donated $1 million to Trump's inauguration fund.