In his farewell address to the nation on Wednesday evening, outgoing U.S. President Joe Biden cautioned against the rise of an 'oligarchy forming in America,' underscoring a significant concentration of power among a few wealthy individuals.

Biden, the 46th President of the United States, is set to transfer power on Monday to his predecessor, Republican billionaire Donald Trump, who has allied with industry titans, including Elon Musk, the world's wealthiest man.

Biden's address, imbued with a deep sense of foreboding, reflected his concerns over the increasing influence of affluent elites and the pervasive impact of misinformation.

He warned, 'Americans are drowning in a wave of misleading news that threatens an abuse of power.'

Comparing the current scenario to former President Dwight Eisenhower's 1961 caution about the unchecked military-industrial complex, Biden spoke of a 'potential rise of a technological-industrial complex,' gesturing towards the massive power wielded by tech giants like Meta's Mark Zuckerberg, who terminated fact-checking operations in the U.S., while the social media platform X, under Musk, has become a conduit for right-wing ideologies.

Biden's warnings about misinformation come as traditional media faces unprecedented challenges.

'Free press is collapsing, editors are disappearing, and social media is relinquishing fact-checking efforts.

Truth is being suffocated by lies told for power and profit,' Biden lamented.

The outgoing president also addressed the urgent need for continued environmental reforms, pointing to 'major forces' threatening to derail progress in combating climate change, labeling it an 'existential threat' highlighted by increasing natural disasters, including recent massive wildfires in Los Angeles and last year's devastating hurricane in North Carolina.

In a nod to rising global technological competition, Biden emphasized the need for America to lead in transformative technologies, particularly in the realm of artificial intelligence, to effectively counter China's advancements.

Concluding a political career spanning five decades, Biden, who served as Vice President under President Barack Obama before being elected President, expressed deep gratitude, saying, 'Leading you as Commander-in-Chief has been the greatest honor of my life.'

As Biden steps down, he leaves with a parting call to vigilance, stating, 'Now it is your turn to be vigilant.' A farewell address has become a tradition for outgoing U.S. presidents, marking the end of their tenure in the Oval Office.