Biden's Farewell Address Targets Tech Oligarchy In Trump 2.0 Era: President Says Americans Face 'Avalanche Of Misinformation'

In his farewell address from the Oval Office Wednesday night, President Joe Biden raised concerns about an emerging tech oligarchy and social media’s impact on American democracy, signaling potential regulatory headwinds for the technology sector.

Biden, who announced his withdrawal from the 2024 presidential race in July, warned that Americans face “an avalanche of misinformation” while social media platforms abandon fact-checking efforts.

“I’m equally concerned about the potential rise of a tech industrial complex that could pose real dangers for our country,” Biden said, suggesting increased scrutiny of social media companies may be forthcoming.

Biden highlighted his administration’s recent diplomatic achievement in brokering a ceasefire between Israel and Hamas. The deal, finalized earlier Wednesday, includes provisions for releasing American hostages in its first phase.

The 81-year-old President endorsed Vice President Kamala Harris as the Democratic Party’s presidential candidate. However, Harris ultimately lost the election to President-elect Donald Trump.

In his endorsement, Biden emphasized the critical importance of preserving American institutions as the foundation of a free and democratic society.

Read Next:

• Defense Stocks Fall On Gaza Ceasefire While Broader Market Rallies: What’s Going On?

Image Via Shutterstock

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.