WASHINGTON ― President Joe Biden delivered a vigorous defense of his record and warned of an American “oligarchy” in a primetime address from the Oval Office as he bid farewell to four years in the White House and a five-decade political career.

Biden, who will be replaced by President-elect Donald Trump in five days, said a “dangerous concentration of power in the hands of a very few, ultra-wealth people” poses enormous risks for the nation “if their abuse of power is left unchecked.”

“Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy, our basic rights and freedoms and a fair shot for everyone to get ahead,” Biden said behind the Resolute Desk. “We’ve seen the consequences all across America, and we’ve seen it before.”

Biden’s warning comes as billionaire tech entrepreneurs have exerted increasing influence in U.S. politics including Elon Musk, who is set to play a key role in Trump’s second term.

Trump, a multibillionaire, is the wealthiest president in history and he has chosen several other billionaires including Doug Burgum, Linda McMahon and Howard Lutnick to serve in his administration. Other billionaires such as Amazon founder Jeff Bezos and Meta CEO Mark Zuckerberg have appeared eager to develop friendly relationships with the incoming administration.

“More than a century ago, American people stood up to the robber barons back then and busted the trusts,” Biden said. “They didn’t punish the wealthy. They just made the wealthy play by the same rules everybody else had.”

Biden warns of ‘tech industrial complex’

In his 17-minute speech, Biden called it the “highest honor of my life to lead you as commander in chief” and recalled the situation he inherited four years ago: a country in the grip of a raging pandemic and an economic crisis just two weeks after the Jan. 6, 2021 attack on the U.S. Capitol.

“In the past four years, our democracy has held strong, and every day I’ve kept my commitment to be president for all Americans through one of the toughest periods in our nation’s history,” Biden said.

Yet his remarks were distinguished by concerns about the future. Singling out social media companies, he warned of the potential rise of a “tech industrial complex,” comparing it to the “military industrial complex” that President Dwight D. Eisenhower warned about in his 1961 farewell address.

“Americans are being buried under an avalanche of misinformation and disinformation, enabling the abuse of power,” Biden said, referencing Zuckerberg’s recent announcement the company would stop fact-checking on its social media platforms such as Facebook.

“The free press is crumbling. Editors are disappearing. Social media is giving up on fact-checking,” Biden said. “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.”

More:Tarnished legacy? How Biden’s age and refusal to pass torch earlier hang over his exit

In the final days of his presidency, the 82-year-old Biden has tried to assert a legacy defined by signature laws he pushed through in his first term ‒ with just a razor-thin Democratic majority in the Senate ‒ to unleash historic infrastructure spending, a resurgence of clean-energy factories and investments in the microchip industry to catch up to China.

“I’m so proud of how much we’ve accomplished together for the American people, and I wish the incoming administration success because I want America to succeed,” said Biden, who did not mention Trump by name in his speech.

Biden said his policies have launched “a new era of American possibility,” though he acknowledged some of the projects are years down the road.

“It will take time to feel the full impact of all we’ve done together, but the seeds are planted and they’ll grow and they’ll bloom for decades to come,” he added.

A Mideast deal days before departure

On the foreign policy front, Biden touted his record restoring the nation’s global alliances and leading international support for Ukraine following Russia’s invasion and war.

Earlier in the day, Biden announced a long-awaited ceasefire deal between Israel and Hamas that will pause the war in Gaza and result in a phased release of the remaining hostages in Gaza including three Americans and the remains of four deceased Americans.

Trump immediately claimed credit for the deal, writing in a post on social media that it wouldn’t have happened without his election victory over Vice President Kamala Harris in November.

“This plan was developed and negotiated by my team, and it’ll be largely implemented by the incoming administration,” Biden said at the beginning of his remarks.

More:Israel and Hamas reach deal on Gaza ceasefire, hostage release

Biden used his final major address to renew his call for 18-year term limits and strong ethics reforms for Supreme Court justices. He said it’s time to ban members of Congress from trading stock. And he called for a constitutional amendment to make clear no president is “immune from crimes that he or she commits while in office.”

In July, the Supreme Court ruled that presidents cannot be prosecuted for “official acts” during their time in office. The court’s ruling stemmed from the Justice Department’s case against Trump over his efforts to overturn the 2020 election.

“The president’s power is not unlimited. It’s not absolute. And it shouldn’t be,” Biden said.

‘I give you my word,’ Biden says

Biden is exiting the White House with a mixed legacy and an approval rating of just 34%, according to a USA TODAY/Suffolk University poll this week. Meanwhile, Americans by a 52%-45% margin now say they approve of Trump’s job performance during his first term ‒ a far rosier assessment than he ever received while in office.

Since the election, Biden has faced finger-pointing from Democrats who argue he helped lead to Trump’s return to power by waiting until 107 days until the election to drop out of the race and thus limiting the time Harris had to mount her campaign.

Despite concerns about his age, Biden announced plans to seek reelection in the spring of 2023, only to drop out last July following a disastrous debate performance that exposed an aging president who sounded incoherent at times and struggled to make his case against Trump.

In recent days, Biden has said he believes he could have defeated Trump had he stayed in the race ‒ an assessment some have interpreted as a dig at Harris.

Biden recognized Harris and her husband Doug Emhoff in his speech, saying they have “become like family, and to me, family’s everything.”

Throughout his term, Biden repeatedly warned that Trump is a threat to a democracy and framed stopping him as a “battle for the soul of the nation.” But Biden failed in his push to make Trump a footnote in American history. And on Monday, he will attend Trump’s inauguration ceremony and watch as Trump is sworn in as the 47th president.

More:House GOP speaker orders Capitol flags to fly at full-staff at Trump’s inauguration

Before that moment, Biden is set to travel to Charleston, South Carolina on Sunday in what will be his final full day as president. White House press secretary Karine Jean-Pierre declined to say what Biden will be doing there.

Ahead of his farewell address, Biden issued an open letter to Americans touting his accomplishments and calling it “the privilege of my life to serve this nation for over 50 years.”

“After 50 years of public service, I give you my word,” Biden said, concluding his remarks. “I still believe in the idea for which this nation stands, a nation where the strengths of our institutions, the character of our people matter and must endure.

“Now it’s your turn to stand guard. May you all be the keeper of the flame. May you keep the faith. I love America. You love, it, too. God bless you all, and may God protect our troops. Thank you for this great honor.”

Reach Joey Garrison on X @joeygarrison and Francesca Chambers at @fran_chambers