As the United States prepares for a presidential transition, outgoing President Joe Biden delivered a somber farewell address from the Oval Office on Wednesday night, emphasizing the need to confront the rising power of the ultra-wealthy.

In his final days as President, Biden took the opportunity to urge vigilance against what he described as an emerging 'oligarchy' defined by extreme wealth and influence, which he believes poses a fundamental threat to democracy.

During his address, President Biden reflected on the dangers of concentrated power, stressing the unprecedented accumulation of wealth in the hands of a small elite.

His remarks echo past warnings, such as President Dwight Eisenhower's caution in 1961 about the military-industrial complex.

'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 asserted.

Biden's farewell comes at a politically significant moment, as incoming President-elect Donald Trump prepares to assume office amid growing support from some of the richest figures in the tech industry.

Elon Musk, CEO of Tesla and SpaceX, reportedly contributed over $100 million to Trump's election campaign.

Meanwhile, prominent tech leaders like Mark Zuckerberg of Meta and Jeff Bezos of Amazon have financially supported Trump's inaugural committee.

The outgoing President also called for legislative reforms, notably advocating for a constitutional amendment to eliminate presidential immunity.

This follows a Supreme Court decision that granted President Trump broad protections from criminal charges related to his alleged efforts to undermine the 2020 election results.

Biden's reflection on his unfinished agenda comes after an electoral bid that ended unexpectedly.

Initially seeking re-election, he faced significant pressure after a high-profile debate with Trump led him to withdraw from the race.

His endorsement of Vice President Kamala Harris was not enough to secure a victory for his party, as Harris lost to Trump in the November election.

In an open letter preceding his address, Biden candidly acknowledged the enduring challenges facing the nation.

'I ran for president because I believed that the soul of America was at stake,' he admitted, reaffirming that the battle for America's identity continues.

Throughout his career, Biden has been a prominent figure in American politics, from his early days as Delaware's youngest senator in 1972 to his tenure as Vice President under Barack Obama and his eventual presidency.

His political journey, marked by personal and political resilience, remains a testament to the challenges and opportunities of American democracy.

Ending on a note of gratitude, Biden expressed his deep appreciation for the American people.

'I have given my heart and my soul to our nation.

And I have been blessed a million times in return with the love and support of the American people,' he wrote, reflecting on a career that spanned five decades in public service.