In the address, he warned against the concentration of power held by a few wealthy individuals, alluding to Donald Trump and those in the president-elect’s close circle of advisors, in particular Elon Musk, the world’s wealthiest man and owner of X, one of the most important distributors of information.

Warning of “an oligarchy” of extreme wealth, power and influence that is taking shape in America, Biden emphasized that this group of people “literally threatens our entire democracy, our basic rights and freedom and a fair shot for everyone to get ahead.”

“After 50 years at the center of all of this, I know that believing in the idea of America means respecting the institutions that govern a free society: the presidency, the courts, a free and independent press,” he said.

He called for tax reforms to ensure billionaires pay their fair share, removal of so-called dark money from election campaigns, the enactment of term limits on the Supreme Court and the banning of Congress members from trading stock.

“We need to amend the Constitution to make clear that no president is immune from crimes that he or she commits while in office,” he said, referring to a Supreme Court decision that was issued in one of Trump’s criminal trials, which ruled the president has immunity from prosecution for official acts.

He added that he wants the United States to succeed, pledging to uphold his duty of conducting “a peaceful and orderly transition of power to ensure we lead by the power of example,” taking a swipe at Trump, whose failed efforts to overturn the 2020 election resulted in the Jan. 6, 2021, insurrection at the Capitol.

“I have no doubt America will continue to succeed,” he said. “That’s why in my farewell address tonight, I want to warn the country of some things that give me great concern — and that’s the dangerous concentration of power in the hands of a very few wealthy people.

“People should be able to make as much as they can but play by the same rules, pay their fair share of taxes,” he said. “So much is at stake.”

In echoing an address by President Dwight D. Eisenhower who warned against the military industrial complex, Biden said he was equally concerned about the rise of a tech industrial complex, which he said poses real dangers for America.

Americans, he said, were being buried “under an avalanche” of misinformation and disinformation that was enabling the abuse of power.

“The free press is crumbling. Social media is giving up on fact checking. The truth is smothered by lies, both for power and profit,” he said, calling for social media companies, such as Facebook and X, to be held accountable to protect American democracy from these abuses of power.

The president, Congress, the courts, the free press and, ultimately, the American people will be tasked with confronting “these powerful forces” that the United States faces, he said.

The concentration of power, he continued, also threatens to erode unity and build distrust and division, making participation in democracy exhausting and disillusioning.

“People don’t feel like they have a fair shot,” Biden repeated, while encouraging Americans to stay engaged in the democratic process.

“I know it’s frustrating,” he said. “A fair shot is what makes America America. Everyone’s entitled to a fair shot, not a guarantee, just a fair shot, an even playing field, going as far as your hard work and talent can take you.

“We can never lose that essential truth to remain who we are,” he said.

Biden, a lifelong Democrat, represented Delaware as a U.S. senator for 36 years prior to becoming the nation’s 47th vice president in 2009 under President Barack Obama.

During his nearly four decades in the Senate, Biden wrote the Violence Against Women Act of 1994 and was a longtime member of the Senate Judiciary Committee.

He also was one of the primary architects of the 1994 Violent Crime Control and Law Enforcement Act that banned semiautomatic “assault” weapons and greatly increased criminal penalties for violent felons and others.

While vice president, Biden helped secure passage of the Affordable Care Act and oversee the nation’s economic recovery following the 2008 stock market collapse fueled by a housing crisis.

After Trump defeated Hillary Clinton to win the 2016 presidential election, Biden said he sought the presidency in 2020 to “restore the soul of America” and rebuild the nation.

His election win led to the eventual passage of the Bipartisan Infrastructure law to rebuild roads, bridges and other infrastructure, while leading the nation’s recovery from the COVID-19 pandemic.

He also championed the Inflation Reduction Act that represents the “largest investment in climate action in history” and the CHIPS and Science Act to make the United States more competitive in innovative technology.

Biden helped lead global opposition to Russia’s invasion of Ukraine, expand NATO’s membership and increase the United States’ influence in the Indo-Pacific region during his term in the White House.

Biden was born in Scranton, Pa., on Nov. 20, 1942, earned a bachelor’s in history and political science from the University of Delaware in 1965 and a law degree from Syracuse University in 1968.

Biden married his first wife, Neilia Hunter, while both were enrolled at Syracuse on Aug. 27, 1966, and won election to the New Castle County (Del.) Council in 1970.

Neilia gave birth to sons Joseph R. “Beau” Biden III, Robert Hunter Biden and Naomi Christina “Amy” Biden.

Biden remained a councilman until defeating Republican incumbent Sen. J. Caleb Boggs during the 1972 election to become Delaware’s junior senator. He was 29.

Soon after winning election to the Senate, Neilia and Naomi Biden died in a car accident, which also injured sons Beau and Hunter.

Biden eventually remarried in 1977 to future first lady Jill Jacobs, who later gave birth to daughter Ashley.

Biden served as a U.S. senator from 1973 until becoming Obama’s vice president. He held the vice presidential post during both of Obama’s terms but did not run for president in 2016.