Outgoing US President Joe Biden warned against a “dangerous concentration of power in the hands of a very few ultra-wealthy people” during his final planned remarks to the nation on Thursday.

He said, “Today, an oligarchy of immense wealth, power, and influence is taking shape in America that literally threatens our entire democracy, our basic rights and freedoms, and the fair opportunity for all to get ahead.”

Biden appeared to take aim at billionaire Elon Musk and Meta CEO Mark Zuckerberg, who have extended their support to President-elect Donald Trump.

Musk, Zuckerberg and Amazon found Jeff Bezos reportedly expected to get front-row seats on stage with Trump’s Cabinet members and other elected officials during Trump’s inauguration on January 20.

In doing so, Biden drew a comparison to President Dwight Eisenhower’s 1961 farewell address, where the 34th US president warned against the establishment of a “military-industrial complex”.

Speaking from the Oval Office, Biden said he had managed to achieve economic growth for his country while also working to protect the environment.

Biden said the American population “has been buried under an avalanche of misinformation and disinformation, leading to abuses of power,” adding that freedom of the press is under threat.

Biden also said he wants to amend the US Constitution “to make clear that no president is immune from crimes he commits while in office.”

He also warned of the dangers of artificial intelligence, which he called “the most consequential technology of our time, perhaps of all time.”

Biden’s final public appearance as president will be on Sunday in South Carolina, where he will visit the International African American Museum in Charleston.