In a moment destined to be remembered in history, outgoing U.S. President Joe Biden addressed the nation on January 15, 2025, offering a farewell speech that was less about parting reflections and more about a grave warning for America’s democratic future. Speaking from the White House, just days before President-elect Donald Trump’s inauguration, Biden used his 15-minute address to shine a spotlight on what he described as one of the most pressing threats facing the nation: the rise of a modern oligarchy.
Biden’s farewell message carried echoes of President Dwight Eisenhower’s famous warning about the “military-industrial complex.” However, Biden’s cautionary tale wasn’t about defense contractors—it was about the unprecedented concentration of wealth and influence in the hands of tech giants. Referring to what he termed the “tech industrial complex,” Biden warned that unchecked power among technological elites is creating a seismic shift in societal dynamics, threatening the balance that sustains the nation’s democracy.
“American democracy has always thrived on fairness, balance, and shared opportunity,” Biden remarked. “But that balance is fragile when extreme wealth and power are concentrated in the hands of a few.” Pointing to the role of social media in spreading misinformation, he argued that platforms once heralded for connecting the world are now undermining the truth, fostering polarization, and weakening democratic institutions. “Misinformation and disinformation have buried the truth,” Biden cautioned, urging citizens to demand greater accountability from these powerful entities.
In perhaps his most pointed critique, Biden set his sights on the growing influence of tech moguls such as Elon Musk, Jeff Bezos, and Mark Zuckerberg. Without naming names directly, Biden made it clear whom he was referencing. Musk, the CEO of Tesla and owner of X (formerly Twitter), was indirectly described as a figure with both “internal and external destabilizing power.” Musk’s ventures, spanning space exploration, electric vehicles, and social media, have positioned him as one of the most influential figures of the modern era. Yet Biden implicitly questioned whether such unchecked influence—over both technology and public discourse—serves the public good.
Further concerns were raised about Bezos and Zuckerberg, known for their close ties with the incoming Trump administration. Both have reportedly used their platforms and vast wealth to consolidate influence that some fear may prioritize corporate interests over democratic values. For Biden, this consolidation of power presented a clear and present danger. “Unchecked power corrupts,” he warned, “whether it comes from the boardroom or the halls of government.”
While Biden’s speech painted a sobering reality, his tone wasn’t devoid of optimism. He expressed faith in the enduring resilience of American democracy but stressed that its survival rests on active engagement. “Democracy endures only when all of us—leaders, citizens, and institutions—commit to its values every single day,” he noted. Biden urged Americans to hold the next administration accountable, particularly as the nation enters another era of intense political polarization under Trump’s leadership.
Biden also used the moment to reflect on his presidency, framing it as proof that unity and collaboration could triumph in divided times. Yet he tempered this reflection with a stark reminder: resisting the rise of oligarchic power will require constant vigilance. “We cannot allow democracy to become a relic of the past,” he said. “The promise of America lies in its ability to renew and reimagine itself.”