In a historic farewell address from the Oval Office on January 15, outgoing US President Joe Biden issued a stark warning to Americans about the growing influence of an oligarchic class and the emergence of a “tech-industrial complex.” Drawing on parallels to President Dwight D. Eisenhower’s iconic 1961 caution against the military-industrial complex, Biden’s speech emphasized the existential threats posed by concentrated wealth and technological power to democracy itself.

Biden’s remarks focused on what he described as the alarming consolidation of power among the ultra-wealthy. “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,” he declared. While the president refrained from directly naming figures such as Elon Musk, Mark Zuckerberg, or his successor, President-elect Donald Trump, his message was unmistakable.

This warning reflects growing public unease about the influence of billionaires and corporate interests in American politics and society. In recent years, tech moguls have not only amassed unprecedented personal wealth but also wielded enormous sway over political discourse, elections, and even public policy.

Biden drew comparisons to Eisenhower’s warning about the military-industrial complex, updating the caution for a new era. He described a burgeoning “tech-industrial complex,” wherein technological power could pose significant risks to the nation. “Six decades later, I’m equally concerned about the potential rise of a tech-industrial complex. It could pose real dangers for our country as well,” Biden said.

This concern is rooted in the dominance of a few powerful technology companies over critical........

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