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Biden warns of emerging American oligarchy threatening

democracy

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Concerns over tech industrial complex echo Eisenhower's

1961

warning

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Social media platforms criticized for reducing content

moderation

(Updates throughout with more Biden comments, context)

By Steve Holland and Kanishka Singh

WASHINGTON, Jan 15 (Reuters) - U.S. President Joe Biden

warned on Wednesday in his farewell address that an American

oligarchy is taking shape in the United States among a few

wealthy people who have amassed a "dangerous concentration of

power."

Biden warned of a "tech industrial complex" in the United

States in words that echoed President Dwight Eisenhower's

farewell address in 1961. Eisenhower, closing out eight years as

president, had warned of the dangers of a "military-industrial

complex" gaining power in the United States.

"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 and a fair shot for

everyone to get ahead," Biden said from the Oval Office.

He did not mention names, but Tesla CEO Elon Musk, the

world's richest man, has amassed not just vast wealth but has

become a powerful adviser to Donald Trump, the Republican who

will take over as president from Biden on Monday.

Biden harked back to Eisenhower's speech in his 15-minute

message.

"Six decades later, I'm equally concerned about the

potential rise of a tech industrial complex. It could pose real

dangers for our country as well. Americans are being buried

under an avalanche of misinformation and disinformation,

enabling the abuse of power," he said.

"The free press is crumbling. Pillars are disappearing.

Social media is giving up on fact checking," Biden said.

Biden's comments came after social media company Meta

Platforms ( META ) recently scrapped its U.S. fact-checking program and

reduced curbs on discussions around contentious topics such as

immigration and gender identity, bowing to criticism from

conservatives like Trump.

X, formerly called Twitter, had previously restricted

content moderation on its platform after being purchased by

Musk.