Biden warns against extreme wealth and rise of "tech industrial complex"

President Biden in his farewell address to the nation on Wednesday took aim at Big Tech and warned of "dangerous consequences" if a "concentration of power in the hands of a very few ultra-wealthy people" goes unchecked.

Why it matters: Biden's warning that an "oligarchy" was "taking shape in America" comes as the world's richest person, Elon Musk prepares to co-lead the incoming Trump administration's new Department of Government Efficiency (DOGE) as his companies including SpaceX hold government contracts.

Meanwhile, Big Tech CEOs have recently moveds to embrace President-elect Trump — with Meta CEO Mark Zuckerberg overhauling longstanding policies and the board of Facebook and Instagram's parent company to be more Trump-friendly.