In his farewell speech, President Biden expressed concerns about the growing influence of an 'ultra-wealthy' oligarchy in America. He highlighted the dangers of a concentration of power in the hands of a few individuals, particularly in the tech industry.
Biden's remarks came as reports surfaced of top tech CEOs like Elon Musk, Jeff Bezos, and Mark Zuckerberg cozying up to President-elect Trump. These billionaires, collectively worth over $850 billion, are set to attend Trump's inauguration alongside his Cabinet picks and elected officials.
The President emphasized the need to address the rising oligarchy, stating that it poses a threat to democracy, basic rights, and fair opportunities for all Americans. He drew parallels to historical instances of confronting concentrated wealth and power, urging for accountability and adherence to rules.
Notably, Musk, Bezos, and Zuckerberg have engaged with Trump post-election, with Musk contributing significant funds to support Trump and other Republicans. Additionally, tech giants like Amazon, Meta, Apple, Google, and Microsoft reportedly donated to Trump's inauguration.
On the other side, Democratic mega-donors, including George Soros and Reid Hoffman, supported Biden's re-election efforts through substantial contributions. Soros's Open Society Policy Center allocated funds for policy research, while Hoffman backed Biden's campaign with a significant donation.
Musk's role in the incoming Trump administration involves overseeing the Department of Government Efficiency, focusing on government spending and operations. Biden also raised concerns about the tech industry's power and wealth concentration, likening it to Eisenhower's warnings about the military-industrial complex.
The President highlighted the risks associated with misinformation, disinformation, and the unchecked power of social media platforms. He underscored the importance of holding these platforms accountable to safeguard democracy and protect citizens.
Biden also addressed the transformative potential of artificial intelligence (AI), emphasizing the need for safeguards to ensure AI's safety, trustworthiness, and benefits for humanity. He warned of the risks AI poses to privacy, rights, and societal norms if not properly regulated.
