In his final speech from the Oval Office, President Biden urged the country to remember its roots and not surrender its values at the altar of a populist nationalism that he sees as dangerous.

"Today, an oligarchy is taking shape in America of extreme wealth, power and influence that really threatens our entire democracy, our basic rights and freedom," he said on Wednesday. Biden, 82, took aim at an ultra-wealthy "tech-industrial complex" which he said could wield unchecked power over Americans.

In his farewell speech from the Oval Office days before his presidential term ends, President Joe Biden warned that an “oligarchy is taking shape in America.”