Biden warns of ‘ultra-wealthy’ ‘oligarchy’ as Big Tech CEOs warm to Trump
In his farewell speech, President Biden issued a stark warning about the growing influence of an “ultra-wealthy” oligarchy in America, pointing to big tech CEOs like Elon Musk, Jeff Bezos, and Mark Zuckerberg as examples of individuals whose immense wealth and power pose a threat to democracy. Despite his own administration accepting donations from Democratic mega-donors, Biden expressed concern about the dangerous concentration of power in the hands of a few extremely wealthy individuals, noting the potential consequences if their abuse of power goes unchecked.
Biden’s warning comes as reports surfaced that Musk, Bezos, and Zuckerberg, who collectively hold a net worth of over $850 billion, will be seated next to Trump’s Cabinet picks and elected officials at the upcoming inauguration. The President emphasized the need for the American people to stand up against this emerging oligarchy, drawing parallels to the era of the robber barons and urging for accountability and regulation to ensure that the wealthy play by the same rules as everyone else.
The President also highlighted the cozy relationship between big tech CEOs and the incoming Trump administration, with Musk, Bezos, and Zuckerberg meeting with Trump at his Mar-a-Lago estate following his election victory. Despite Musk’s significant donations to Trump and other Republicans during the election cycle, tech giants like Amazon, Meta, Apple, Google, and Microsoft also reportedly contributed $1 million each to Trump’s inauguration.
While Biden’s administration has received support from Democratic mega-donors like George Soros and Reid Hoffman, concerns remain about the influence of money in politics and the potential for wealthy individuals to sway policy decisions. Soros-funded groups have funneled millions of dollars to support Biden’s re-election efforts, while other billionaires like Howard Schultz, Michael Bloomberg, and Tom Steyer have also made substantial contributions to the Biden campaign.
Looking ahead, Musk has been appointed to head the newly created Department of Government Efficiency (DOGE) in the Trump administration, tasked with addressing issues of government spending, waste, and operations. The President expressed worries about the growing power and influence of the tech industry, warning of the dangers posed by the concentration of technology, power, and wealth in the hands of a few individuals.
In conclusion, Biden’s farewell speech underscored the importance of holding the ultra-wealthy accountable and ensuring that the power they wield is not abused. He called for safeguards to protect against misinformation and disinformation, and emphasized the need for regulation to ensure that artificial intelligence is safe, trustworthy, and beneficial for all humankind. As America grapples with the rise of an oligarchy and the increasing influence of big tech CEOs, Biden’s parting words serve as a reminder of the challenges facing democracy and the urgent need for action to protect the rights and freedoms of all citizens.
