
President Biden in his farewell address to the nation on Wednesday took aim at Big Tech and warned of "dangerous consequences" if a "concentration of power in the hands of a very few ultra-wealthy people" goes unchecked.
Why it matters: Biden's warning that an "oligarchy" was "taking shape in America" comes as the world's richest person, Elon Musk prepares to co-lead the incoming Trump administration's new Department of Government Efficiency (DOGE) as his companies including SpaceX hold government contracts.
Meanwhile, Big Tech CEOs have recently moveds to embrace President-elect Trump — with Meta CEO Mark Zuckerberg overhauling longstanding policies and the board of Facebook and Instagram's parent company to be more Trump-friendly.