President Biden he warned in his speech of the breakup of the “super-rich” oligarchy that poses a threat to America as big tech CEOs warm to President Trump in recent months.
Biden spoke on Wednesday as reports emerged this week that Elon Musk, Jeff Bezos and Mark Zuckerberg — the three richest people in the world who are collectively worth more than $850 billion, according to Forbes — will stay close. and Trump's cabinet picks and the candidates next Monday when he was inaugurated.
“I have no doubt that America is in a position to continue to prosper. That is why in my inaugural address tonight, I want to warn the country about some things that worry me very much. And it is a dangerous thread of power in the hands of the very few, the very rich and the dire consequences if their abuse of power goes unchecked,” Biden said from the Oval Office.
“Today, an oligarchy continues in America of extreme wealth, power and influence that threatens all of our democracy, our basic rights, freedom and a fair shot for everyone to get ahead,” Biden he continued. “We're seeing the results across America, and we've seen it first hand, over a century ago. But the American people stood up to the rich thieves back then and they destroyed the trust. He made the rich play by the rules that everyone had to do.”
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Speaker of the United States House Mike Johnson, President-elect Donald Trump, Tesla and SpaceX CEO Elon Musk and Vice President-elect JD Vance attend the 125th Army-Navy Northwest Stadium football game in Landover, Md., on December 14. (Kevin Dietsch/Getty Images)
Musk, the CEO of SpaceX and Tesla, Bezos, the founder of Amazon, and Zuckerberg, the CEO of Meta, all met with Trump at his Mar-a-Lago Florida home after his election victory in November.
During the election cycle, Musk gave at least $277 million in donations to help elect Trump and other Republicans, according to The Washington Post, which cited files from the Federal Election Commission.
Tech giants including Amazon, Meta, Apple, Google and Microsoft are reported to have given $1 million for Trump's inauguration on January 20th.
On the other side of Mark Zuckerberg and Donald Trump. (Getty Images)
Musk has been tasked with leading the newly created Department of Government Operations (DOGE), which will review issues of government spending, waste, efficiency and effectiveness.
To do so, Musk can take over In the Eisenhower Executive Office Building right next to the West Wing that houses most of the White House staff offices, the New York Times reports.
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US President-elect Donald Trump greets Elon Musk as he arrives to watch the launch of the sixth test flight of the SpaceX Starship rocket on Nov. 19, 2024 Brownsville, Texas. (Brandon Bell/Getty Images)
Biden also said in his farewell speech that America's leadership and technology are “an inexhaustible source of innovation that can change lives,” but “we see the same dangers, the focus of technology, power and wealth.”
“You know, in his inaugural address, President Eisenhower talked about the dangers of the military industrial complex. He warned us at the time about, and I quote, the possibility of a dangerous rise in power placed in the region. wrong, end quote. Sixty years later, “I worry about the growth of the technology industry that could pose real dangers for our country,” Biden added.
“Americans are being blindsided by misinformation and disinformation, enabling the abuse of power. The free press is collapsing. Editors are disappearing. Social media is giving up fact-checking. The truth is covered by lies told for power and profit,” the president continued. “We must hold the public forum accountable to protect our children, our families and our democracy from abuse of power.
Jeff Bezos, right, is expected to have a prominent seat at Trump's inauguration next week, reports say. (Eugene Gologursky/Getty Images for The New York Times)
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“Meanwhile, artificial intelligence is the most important technology of our time, perhaps of all time. Nothing presents more serious opportunities and risks for our economy and our security, society ours, for humans. Artificial intelligence even has the ability to help us answer my questions. We're calling to end cancer as we know it, but only if the defense is in place , AI may present new threats to the rights of us, our way of life, our privacy, how we can make threats. We have to make sure that AI is safe and reliable and good for everyone,” Biden said.
Andrew Mark Miller and Diana Stancy of Fox News contributed to this report.