Outgoing US President Joe Biden warned of an “oligarchy taking shape” in the United States, wielding “unchecked influence,” and abuse of power.

Biden expressed concern over a “crumbling” free press and a greater level of disinformation spread through social media platforms.

“Today, an oligarchy is taking shape in America, of extreme wealth, power and influence that literally threatens our entire democracy.”

He used his farewell speech to the American people to warn of a “dangerous concentration of power in the hands of a few ultra-wealthy people.” He urged vigilance and holding social media platforms accountable for the information they’re sharing.

“Americans are being buried under an avalanche of misinformation, disinformation…social media is giving up on fact-checking, the truth is smothered by lies told for power and for profit. We must hold the social platforms accountable to protect our children, our families and our very democracy from the abuse of power.”