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Biden’s Farewell Speech Factchecked: In a powerful farewell speech delivered from the Oval Office on Wednesday, President Joe Biden issued a stark warning about the growing influence of an “oligarchy” of the ultra-wealthy and the rise of a “tech-industrial complex” that he believes pose significant threats to American democracy and individual rights. The address came as Biden prepares to hand over power on Monday to President-elect Donald Trump.
It’s also good to double check what politicians say. Kamala was supported by 83 billionaires. Trump was supported by 52.
If there really is a fear of the wealthy influencing our elections, maybe they should do some self-reflection first. https://t.co/Ih72GW4pCJ https://t.co/WEtQgF0qG7
— 𝙺𝚒𝚖𝚋𝚊𝚕 𝙼𝚞𝚜𝚔 🤠 (@kimbal) January 16, 2025
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Biden Sounds the Alarm on Concentrated Wealth and Power
Reflecting on the state of the nation, Biden expressed deep concern over the accumulation of power and wealth among a select few.
“Today, an oligarchy is taking shape in America of extreme wealth, power, and influence that literally threatens our entire democracy, our basic rights and freedoms, and a fair shot for everyone to get ahead,” Biden cautioned. He highlighted the “dangerous concentration of power in the hands of a few ultra-wealthy people” and warned of the grave consequences of unchecked abuse of that power.
Drawing a historical parallel, Biden invoked President Dwight Eisenhower’s farewell address, which famously warned against the military-industrial complex. “I’m equally concerned about the potential rise of a tech-industrial complex that could pose real dangers to our country as well,” he said.
Biden Warns As Billionaire Support for Trump Grows
Biden’s warnings come amid rising alignment between some of the world’s wealthiest individuals and President-elect Trump. Billionaire Elon Musk invested over $100 million in Trump’s election campaign, while influential tech leaders like Mark Zuckerberg of Meta and Jeff Bezos of Amazon have contributed to Trump’s inaugural committee and sought his audience at his Florida estate.
This consolidation of wealth and influence, particularly among tech industry titans, has fueled Biden’s concerns about democracy and equality.
Biden also used his address to advocate for a constitutional amendment to eliminate immunity for sitting presidents. This follows a Supreme Court decision last year granting Trump broad protections from criminal liability regarding his efforts to overturn the 2020 election results.
Factchecking Biden’s Farewell Speech: Billionaire Support For Trump and Harris
Forbes reports that at least 100 billionaires have aligned themselves with either former President Trump or Vice President Kamala Harris. While 83 billionaires backed Harris, 52 were aligned with Trump. Among Trump’s supporters, Musk has been particularly vocal, whereas figures like Warren Buffett and Zuckerberg opted to remain on the sidelines.
Notably, Harris’s billionaire backers cited her track record and policy stance as reasons for their support. A letter from over a dozen billionaires while endorsing Harris praised her commitment to “fair and predictable policies that support the rule of law, stability, and a sound business environment.”
A recent survey of millionaire investors showed a 57%-43% preference for Harris, attributing the split to her focus on technology, healthcare, and sustainability—sectors seen as poised for growth under her leadership. Many of her supporters from Silicon Valley became acquainted with Harris during her tenure as a California prosecutor.
Also Read: Joe Biden Sounds Alarm On ‘Oligarchy’ And ‘Extreme Wealth’ In Dark Farewell Address
