"Today, an oligarchy is taking shape in America of extreme wealth, power, and influence that literally threatens our entire democracy," the president said.

President Joe Biden offered up a few surprises in his farewell address. Instead of simply summing up his term in office, he warned Wednesday about the increasing influence of the ultrawealthy, criticized disinformation on social media and called for continuing the fight against climate change.

President Biden used his farewell address from the Oval Office on Wednesday to warn Americans of an oligarchy taking shape in the U.S. while issuing warnings of other threats to the nation as he