President Joe Biden warned of the dangers of “misplaced power” Wednesday in a grim farewell address that compared the nation’s tech CEOs to oligarchs.

“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,” Biden said in a prime-time speech to the nation in the White House‘s Oval Office.