Sightful Invest
  • Business
  • Investing
  • Politics
  • Stock
Top Posts
US-backed Gaza aid group launches bold new system...
Biden doctor pleads the Fifth in speedy House...
Watchdog backs Rubio’s sanctions on UN official over...
Trump taps Sean Duffy to serve as interim...
Trump cautioned Putin he would ‘bomb the s—‘...
I worked for the most successful third party...
‘Gut check time’: Dissent among Senate GOP ranks...
New book reveals what Obama and ‘conqueror’ Trump...
Trump had very unexpected convo with Obama at...
10 reasons the DOJ and FBI face backlash...
  • Business
  • Investing
  • Politics
  • Stock

Sightful Invest

Politics

Biden warns of ‘ultra-wealthy’ ‘oligarchy’ after Big Tech CEOs warm to Trump

by admin January 16, 2025
January 16, 2025
Biden warns of ‘ultra-wealthy’ ‘oligarchy’ after Big Tech CEOs warm to Trump

President Biden warned in his farewell speech of an ‘ultra-wealthy’ ‘oligarchy’ posing a threat to America as big tech CEOS have been warming up to President-elect Trump in recent months. 

Biden spoke Wednesday as reports emerged this week that Elon Musk, Jeff Bezos and Mark Zuckerberg – the three most wealthy people in the world who collectively are worth more than $850 billion, according to Forbes – will be seated next to Trump’s cabinet picks and elected officials next Monday at his inauguration. 

‘I have no doubt that America is in a position to continue to succeed. 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, ultra-wealthy people. And the dangerous consequences if their abuse of power is left unchecked,’ Biden said from the Oval Office. 

‘Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy, our basic rights, freedoms, and a fair shot for everyone to get ahead,’ Biden continued. ‘We see the consequences all across America, and we’ve seen it before, more than a century ago. But the American people stood up to the robber barons back then and busted the trust. They didn’t punish the wealthy, they just made the wealthy play by the rules everybody else had to.’ 

Musk, the CEO of SpaceX and Tesla, Bezos, the founder of Amazon, and Zuckerberg, the CEO of Meta, have all met with Trump at his Mar-a-Lago home in Florida following his election victory in November. 

During the election cycle, Musk gave at least $277 million in donations to help get Trump and other Republicans elected, according to The Washington Post, which cited filings from the Federal Election Commission. 

Tech giants including Amazon, Meta, Apple, Google and Microsoft are reported to have donated $1 million each to Trump’s inauguration on Jan. 20. 

Musk has been tasked with heading up the newly created Department of Government Efficiency (DOGE), which will examine issues of government spending, waste, efficiency and operations. 

In order to do that, Musk may occupy space in the Eisenhower Executive Office Building right next to the West Wing that houses the bulk of office space for White House staffers, the New York Times reported. 

Biden also said in his farewell speech that American leadership and technology is an ‘unparalleled source of innovation that can transform lives,’ but ‘we see the same dangers, the concentration of technology, power and wealth.’ 

‘You know, in his farewell address, President Eisenhower spoke of the dangers of the military industrial complex. He warned us then about, and I quote, the potential for the disastrous rise of misplaced power, end of quote. Six decades later, I’m equally concerned about the potential rise of a tech industrial complex that could pose real dangers for our country, as well,’ Biden added. 

‘Americans are being buried under an avalanche of misinformation and disinformation, enabling the abuse of power. The free press is crumbling. Editors are disappearing. Social media is giving up on fact checking. The truth is smothered by lies told for power and for profit,’ the president continued. ‘We must hold the social platform accountable to protect our children, our families and our very democracy from the abuse of power. 

‘Meanwhile, artificial intelligence is the most consequential technology of our time, perhaps of all time. Nothing offers more profound possibilities and risks for our economy and our security, our society, for humanity. Artificial intelligence even has the potential to help us answer my call to end cancer as we know it. But unless safeguards are in place, AI could spawn new threats to our rights, our way of life, to our privacy, how we work and how we protect our nation. We must make sure AI is safe and trustworthy and good for all humankind,’ Biden said. 

Fox News’ Andrew Mark Miller and Diana Stancy contributed to this report. 

Related Topics

  • Joe Biden
  • Elon Musk
  • Jeff Bezos
  • Mark Zuckerberg
  • Donald Trump
  • Trump Transition
  • Politics
This post appeared first on FOX NEWS

previous post
House Dems push Garland to drop charges, release second part of Jack Smith report
next post
Trump’s ‘blacklist’: President-elect describes the type of people he doesn’t want to hire

You may also like

Karoline Leavitt explains US efforts to negotiate with...

March 6, 2025

Tom Cotton slams ‘partisans and obstructionists’ in DOD...

November 27, 2024

The three mountains in the way of any...

November 15, 2024

Majority of Americans believe Biden will be remembered...

January 8, 2025

Biden’s ‘decline’: GOP lawmakers question what Kamala knew...

July 25, 2024

Harris recruits pop stars Usher, Lizzo for swing...

October 20, 2024

Voters report Kamala Harris is more radical than...

September 9, 2024

Alleged attempt to impersonate White House chief of...

May 30, 2025

JASON CHAFFETZ: Democrats have a major problem and...

March 17, 2025

Hegseth signs ‘No More Walking on Eggshells’ policy,...

April 26, 2025

Recent Posts

  • US-backed Gaza aid group launches bold new system to deliver food directly to families
  • Biden doctor pleads the Fifth in speedy House closed-door interview
  • Watchdog backs Rubio’s sanctions on UN official over ‘shameful efforts’ targeting US, Israel
  • Trump taps Sean Duffy to serve as interim NASA chief
  • Trump cautioned Putin he would ‘bomb the s—‘ out of Moscow if Russia invaded Ukraine, new book claims

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (819)
    • Investing (2,497)
    • Politics (3,095)
    • Stock (4)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sightfulinvest.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 Sightful Invest. All Rights Reserved.