Biden warns of dangerous 'oligarchy' in farewell speech

U.S. President Joe Biden urged Americans on Wednesday to "stand guard" against a "dangerous" oligarchy forming under Donald Trump as he delivered a farewell address before stepping down next week.

In a prime time speech from the Oval Office at the end of his single term in office, the 82-year-old warned of an ultra-wealthy "tech industrial complex" that could gain unchecked power over the American people.

"Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy," the Democrat said.

"That's a dangerous concentration of power in the hands of a very few ultra-wealthy people."

Biden also lashed out at social media firms, with X owner and the world's richest man Elon Musk set to play a key role in Trump's incoming administration and Meta boss Mark Zuckerberg courting the Republican.

"Americans are being buried under an avalanche of misinformation and disinformation, enabling the abuse of power," said Biden.

Signing off Trump's return for a second term on January 20, Biden told Americans: "Now it's your turn to stand guard."

America's oldest ever president spent much of his final months in office trying to burnish his reputation before he is replaced by the bitter political rival he defeated in the 2020 election, a result Trump still disputes.

Biden's efforts got a boost earlier Wednesday when Israel and Hamas agreed to a ceasefire and hostage release deal. Biden said he had ordered his administration to cooperate with Trump's team to reach an accord.

The White House also released a dossier of more than 100-pages setting out Biden's achievements from the economy to healthcare and climate change.

In a letter previewing his remarks, Biden said, "I have given my heart and my soul to our nation," and that it had been the "privilege of my life to serve this nation for over 50 years."

(With input from AFP)