Biden warns of an 'oligarchy' of wealth and power threatening US democracy

President Joe Biden has warned of a "dangerous concentration of power" among a few wealthy people in the United States in his farewell address to the nation.

Without naming president-elect Donald Trump, Mr Biden said: "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 and a fair shot for everyone to get ahead."

During his speech from the Oval Office in the White House, the president said there was "a dangerous concentration of power in the hands of a few ultra-wealthy people" and warned of "dangerous consequences if their abuse of power is left unchecked".

Although he did not give names, some of the world's richest individuals and tech titans have flocked to Mr Trump's side, particularly since his election win in November.

Elon Musk, the world's richest man, spent more than $100m helping Mr Trump get elected, and Meta CEO Mark Zuckerberg and Amazon CEO Jeff Bezos have also donated to Mr Trump's inauguration.

While Mr Biden was giving his speech, Mr Trump, Mr Musk and vice president-elect JD Vance dined with Microsoft's CEO Satya Nadella at Mar-a-Lago, according to news outlet Semafor.

During his address Mr Biden also warned of a "tech-industrial complex" he said was bringing an "avalanche of misinformation and disinformation, enabling the abuse of power", following social media company Meta scrapping its fact-checking programme in the US and loosening its hate speech guidelines.

The president said the US Constitution should be amended to say no president should have immunity for crimes committed in office, after the Supreme Court granted Mr Trump protection last year from criminal liability over his role in trying to undermine his loss to Mr Biden in 2020.

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Biden takes credit for Israel-Hamas ceasefire deal

Mr Biden also took credit for the ceasefire deal between Israel and Hamas that will see the release of Israeli hostages for hundreds of Palestinian prisoners.

"This plan was developed and negotiated by my team, and it will be largely implemented by the incoming administration," he said.

"That's why I told my team to keep the incoming administration fully informed, because that's how it should be - working together as Americans."

He made the remarks after Mr Trump claimed credit for the breakthrough in negotiations

During his farewell speech Mr Biden said: "It will take time to feel the impact of all we've done together, but the seeds are planted and they'll grow and they'll bloom for decades to come."

Mr Biden beat Mr Trump to become president in 2020, but decided to run for re-election in 2024 at the unprecedented age of 80.

He was later forced out of the race following a disastrous debate with Mr Trump and his replacement, Vice President Kamala Harris, went on to lose every battleground state to Mr Trump.

(c) Sky News 2025: Biden warns of an 'oligarchy' of wealth and power threatening US democracy