In his final address to America as president of the United States, Joe Biden warned about the concentration of power and wealth in government as well as a “tech-industrial complex” that threatens democracy and basic freedoms.

“I want to warn the country of some things that give me great concern: the dangerous concentration of power in the hands of very few ultrawealthy group of people, and the dangerous consequences if their abuse is left unchecked,” Biden said while speaking from the Oval Office for his final time as president.

“Today an oligarchy is taking shape in America that literally threatens our democracy, our basic rights, our freedoms,” he added, alluding to the number of billionaires that will comprise the Cabinet of his successor Donald Trump’s administration, as well as those outside with tremendous influence, like Tesla CEO Elon Musk.

Biden also invoked President Dwight D. Eisenhower’s famous farewell warnings of “a military-industrial complex,” raising alarms about a “tech-industrial complex,” including artificial intelligence and the rise of misinformation and lies on social media.

“The free press is crumbling, social media is giving up fact-checking, the truth is being smothered by lies,” Biden said. “We must hold social platforms accountable to protect our children and our democracy.”