President Joe Biden addresses the nation in his farewell speech

President Joe Biden used his farewell address to Americans on Wednesday to warn about an "oligarchy" of the ultra-rich that is taking hold in the country and a "tech industry sector" that is undermining Americans' rights and the future of democracy.

Speaking from the Oval Office as he prepares to hand over power to President-elect Donald Trump on Monday, Mr. Biden sounded the alarm about what he called the accumulation of power and wealth in a small group of individuals.

"Today, an oligarchy of extreme wealth, power, and influence is taking shape in America, which poses a threat to our democracy, our fundamental rights and freedoms, and undermines the right for all to prosper," Mr. Biden said.

He drew attention to "a dangerous concentration of power in the hands of a few ultra-wealthy individuals and the dangerous consequences if their abuse of power is not brought under control."

Echoing President Dwight Eisenhower's warnings about the military-industrial complex in his 1961 farewell address, Mr. Biden added, "I am equally concerned about the strengthening of the technological-industrial complex that could pose real dangers to our country."

Mr. Biden's alarm comes after some of the world's wealthiest individuals and tech industry titans have lined up alongside Mr. Trump in recent months, mainly after his victory in the November election.

Billionaire Elon Musk spent more than $100 million to help Republican Trump win the election.

Other top executives, such as Mark Zuckerberg of Meta and Jeff Bezos of Amazon, have donated money to the new president's inauguration committee and met with Mr. Trump at his Florida residence.

US President Joe Biden, alongside Vice President Kamala Harris (L) and Secretary of State Antony Blinken (R), speaks about the Israel-Hamas ceasefire and hostage release deal in the Grand Foyer of the White House on January 15, 2025.

Earlier on Wednesday, President Biden announced the reaching of a long-awaited ceasefire agreement between Israel and Hamas, which could end the bloodshed in the Middle East.

But President Biden is not leaving the White House the way he hoped. He ran for a second term, putting aside voters' concerns about his age.

After a poor performance in a debate with his Republican opponent Donald Trump, President Biden dropped out of the race for a second term under pressure from the Democratic Party. He endorsed Vice President Kamala Harris, who lost to Mr. Trump in the November election.

Meanwhile, President Biden is preparing to hand over the White House to an individual whom he described as an existential threat to the country's democratic institutions.

In an open letter published on Wednesday, President Biden admitted he had not fulfilled his promises.

"I ran for president because I believed that the soul of America was at risk. The very nature of who we are was at risk, and it still is," Biden's letter said.

Further in the letter, President Biden highlighted his achievements, including leading the country and fighting the coronavirus pandemic, supporting domestic manufacturing, and reducing the cost of prescription drugs.

Mr. Biden's 15-minute speech Wednesday night not only marks the end of his presidency, but also his five decades in politics. After being elected at age 30 to represent his home state of Delaware in 1972, Mr. Biden was the youngest senator.

Mr. Biden ran for president in 1988 and 2008 before becoming vice president after Democrat Barack Obama's victory.

 After serving eight years as vice president, Mr. Biden was considered to have retired from politics. But he returned to the political scene in 2020, successfully removing President Trump from the White House.