In his farewell address, President Joe Biden warned against the rise of an ultrarich "oligarchy" and a "tech-industrial complex" threatening democracy and freedoms in the U.S.

Axar.az, citing Times of Israel, reports that he expressed concerns about wealth and power concentration among a few, likening it to Eisenhower's "military-industrial complex" warning.

Speaking before transferring power to Donald Trump, Biden criticized billionaire influence on Trump's administration, called for reforms like fairer taxes and term limits for Supreme Court justices, and advocated banning stock trading by Congress members.

The address capped his 50-year career, reflecting on challenges, his legacy, and ensuring a peaceful transfer of power.