WASHINGTON—President Biden said Wednesday that an oligarchy and a tech industrial complex were taking hold in America, warning of the risks of unchecked power in a farewell address that served as a bittersweet coda to his 50-year political career.

Biden, in a 17-minute Oval Office speech that included a few stumbles, highlighted his work to usher the country out of the coronavirus pandemic and investing in infrastructure and technology. But he spent much of his time speaking about his concerns and hopes for the country’s future.

From behind the Resolute Desk, Biden said: “Today, 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.”


“We see the consequences all across America, and we’ve seen it before, more than a century ago, but the American people stood up to the robber barons back then,” Biden said.

Biden recalled President Dwight D. Eisenhower ’s final speech in 1961, which focused on the military industrial complex. In a nod to Eisenhower, Biden cited the potential rise of a “tech industrial complex,” pointing to what he said is “an avalanche of misinformation” and social-media companies giving up on fact-checking—a reference to a recent announcement by Meta Platforms . “The truth is smothered by lies told for power and for profit,” he said.

His warnings come days before Donald Trump returns to the White House for a second term. Trump has become closely aligned with Tesla and Space X Chief Executive Elon Musk , the world’s richest man, and the incoming president has assembled a cabinet that includes multiple billionaires. In their unsuccessful campaign, Democrats cautioned that Trump’s policies would benefit the wealthiest Americans and corporate interests.

With just days left in his presidency, Biden wished the “incoming administration” success and said he was committed to a peaceful transition. But he also offered veiled criticism of Trump, including calling for amending the Constitution “to make clear that no president, no president, is immune from crimes that he or she commits while in office.”

The Supreme Court ruled this past year that former presidents enjoy sweeping immunity for their acts while in office, dealing a blow to Trump’s prosecution on charges he sought to subvert the 2020 election.

Biden also called for term limits for justices on the Supreme Court and for a ban on members of Congress trading stocks while in office.

Biden had hoped to defeat Trump a second time. He has often said he ran for president in 2020 because he felt compelled to defeat Trump, whom he saw as a threat to the “soul of the nation.” He reluctantly exited the 2024 race over the summer amid concerns about his age and fitness but recently said he thinks he could have won .

The 82-year-old Biden thanked his vice president, Kamala Harris , who was defeated by Trump in the election, but the president didn’t dwell on the November outcome.

Though he exits office with a majority of Americans viewing him unfavorably, Biden suggested that his record would be viewed more positively decades from now. He pointed to laws to rebuild roads and bridges and bring new semiconductor plants to the U.S. along with his work to lower prescription drugs and strengthen gun safety laws. He argued that the “existential threat of climate change has never been clearer,” and said he had signed climate legislation.

“It will take time to feel the full impact of all we’ve done together. But the seeds are planted,” Biden said.

Biden concluded more than half a century in Washington by hailing the institutions of American democracy where he has spent much of his life.

“I know that believing in the idea of America means respecting the institutions that govern a free society, the presidency, the Congress, the courts, a free and independent press,” said Biden, who served more than three decades in the Senate representing Delaware, and later as vice president to former President Barack Obama .

Biden’s speech wasn’t only a capstone to his presidency but also a final reflection on a political career that began in the 1970s. He thanked his wife, Jill Biden , members of the U.S. military and first responders and his administration, saying the vice president and her husband, Doug Emhoff , “have become like family.”

“Now it’s your turn to stand guard. May you all be the keeper of the flame and you keep the faith. I love America, you love it too,” Biden said. “God bless you all. May God protect our troops. Thank you for this great honor.”

Write to Catherine Lucey at catherine_lucey@wsj.com and Ken Thomas at ken.thomas@wsj.com