TEHRAN (Tasnim) - U.S. President Joe Biden has warned Americans about the rising influence of an "oligarchy" of ultra-wealthy individuals and a burgeoning "tech-industrial complex," claiming these forces pose an existential threat to democracy.

Biden issued the caution during his farewell address from the Oval Office on Wednesday, emphasizing the need to protect fundamental rights and freedoms from the dictates of wealth and power, RT reported.

"An oligarchy is taking shape in America of extreme wealth, power, and influence that literally threatens our entire democracy, our basic rights and freedoms, and a fair shot for everyone to get ahead," he stated.

While Biden refrained from naming specific individuals, such as President-elect Donald Trump or tech moguls Elon Musk and Mark Zuckerberg, he highlighted the risks of consolidating political and technological power.

Drawing a parallel to President Dwight D. Eisenhower's 1961 warning about the military-industrial complex, Biden warned of a modern "tech-industrial complex" that could threaten the country.

"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," Biden said.

The president also claimed that democratic institutions in the United States are being eroded by insufficient "fact-checking" and the spread of "misinformation" and "disinformation."

"Americans are being buried under an avalanche of misinformation and disinformation, enabling the abuse of power. The free press is crumbling. Social media is giving up on fact-checking. The truth is smothered by lies told for power and for profit," he stated.

"We must hold the social platforms accountable to protect our children, our families and our very democracy from the abuse of power," he added.

The 82-year-old president, who has spent over half of his life in politics, also called for political ethics, campaign financing reforms and other policy "safeguards" to protect Americans from abuses of power by politicians who will come after him.

"We need to get dark money - that's that hidden funding behind too many campaign contributions - out of our politics," Biden said. "We need to ban members of Congress from trading stock while they're in Congress."

"We need to amend the constitution to make clear that no president... is immune from crimes that he or she commits while in office," he added, while also urging reforms to the Supreme Court.

Reflecting on his administration's accomplishments, Biden pointed to an economic recovery following the pandemic, job creation, and investments in infrastructure and environmental policies. He acknowledged, however, that the full benefits of these efforts might not be immediately apparent.

"It will take time to feel the full impact of what we've done together. But the seeds are planted, and they'll grow and bloom for decades to come," Biden said, as he prepares to hand over the presidency to Trump on January 20.