In a stark warning, President Biden used his final public address from the Oval Office to sound the alarm about the growing influence of American tech oligarchs, cautioning that their unchecked power poses a significant threat to the country's democracy.

Biden's farewell message on Wednesday drew parallels with President Dwight Eisenhower's warnings about the military-industrial complex, highlighting the potential dangers of a "tech industrial complex" that could undermine the nation's basic rights and freedoms. While acknowledging the transformative power of US technology leadership, Biden expressed concern about the concentration of power in the hands of a few ultra-wealthy individuals, warning of "alarming consequences" if their abuse of power is left unchecked.

Although Biden did not explicitly name specific individuals, his remarks are widely seen as targeting tech moguls like Elon Musk and Mark Zuckerberg, who have been accused of spreading misinformation and wielding disproportionate influence over the political landscape. Musk, in particular, has faced scrutiny for his reported $250 million investment in helping Donald Trump's election campaign, and his subsequent appointment to a leadership role in the incoming administration.

Zuckerberg, meanwhile, has come under fire for Meta's decision to scrap its third-party fact-checking program for Facebook, Instagram, and Threads in the US, as well as the removal of restrictions around heated topics. This move has sparked concerns about the proliferation of misinformation and conspiracy theories across social media platforms.

Biden's warnings about the dangers of misinformation and disinformation are particularly timely, given the role that social media has played in shaping public discourse and influencing political outcomes. The President's remarks also underscore the erosion of the free press, with editors disappearing and social media platforms abandoning fact-checking efforts. As Biden noted, "The truth is smothered by lies told for power and for profit."

In a notable display of the tech industry's growing political clout, top CEOs including Elon Musk, Jeff Bezos, Tim Cook, Sundar Pichai, and Mark Zuckerberg are expected to attend Trump's inauguration on Monday, seated in a position of honor on the dais alongside former presidents and family members. These same CEOs have reportedly donated $1 million apiece to Trump's inauguration fund, further highlighting the blurred lines between tech and politics.

Biden's parting warning serves as a clarion call for the incoming administration and the tech industry at large to reexamine their roles in shaping the nation's democratic fabric. As the President so eloquently put it, "Today, an oligarchy is taking shape in America of extreme wealth, power, and influence that literally threatens our entire democracy, our basic rights and freedoms, and a fair shot for everyone to get ahead." The question now is whether his words will be heeded, or if the rise of American tech oligarchs will continue unchecked.