In his farewell address, President Joe Biden cautioned against the rise of an American oligarchy led by tech billionaires wielding "dangerous concentrations of power." Echoing President Eisenhower’s 1961 warning about a "military-industrial complex," Biden highlighted the emergence of a "tech industrial complex" that threatens democracy and equality.
Biden did not name individuals but noted figures like Tesla CEO Elon Musk, Amazon’s Jeff Bezos, and Meta’s Mark Zuckerberg. Musk, the world’s richest man, played a pivotal role in Donald Trump’s presidential victory, reportedly contributing over $250 million. These tech moguls will attend Trump’s inauguration alongside key Republican leaders.
Biden expressed concern over the influence of tech giants, citing their role in spreading misinformation and weakening traditional media. The free press, he warned, is crumbling as platforms like Meta and Musk-owned X (formerly Twitter) reduce content moderation and fact-checking.
Wall Street analysts dubbed companies like Apple, Tesla, Nvidia, and Meta the "Magnificent Seven," whose combined market value surged 46% in the past year, far outpacing the S&P 500.
Biden also addressed artificial intelligence, calling it "the most consequential technology of our time." He emphasized the need for trustworthy AI development led by democratic principles, positioning the U.S. as a global leader over China.
The growing power of tech billionaires, Biden warned, parallels the unchecked influence Eisenhower cautioned against, urging Americans to safeguard democracy in the face of evolving challenges.