Biden warns ‘dangerous’ oligarchy taking shape in final address

Outgoing US President Joe Biden warned of a “dangerous” oligarchy taking shape in America, as he delivered his farewell address and brought a decades-long career in politics to an end.

“Today, an oligarchy is taking shape in America of extreme wealth, power and influence that really threatens our entire democracy, our basic rights and freedom,” he said on Wednesday.

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

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

“Americans are being buried under an avalanche of misinformation and disinformation, enabling the abuse of power,” he said. “The free press is crumbling.”

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

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

He wished Donald Trump’s incoming administration success, before proceeding to warn the country of “some things that give me great concern”.

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

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