The president warned America about the "ultra-wealthy" gaining positions of power and "going unchecked" as the new administration is set to take over next week.

President Joe Biden warned of a rising ultrawealthy “oligarchy” in America that poses a threat to the nation’s democracy, in a grave farewell address delivered Wednesday as he prepares to cede the White House back to Donald Trump.

Biden's term ends Monday, when he'll be replaced by Donald Trump, a man he has called an existential threat to the nation. Here's a look at what was likely the last major speech of a political career spanning more than five decades: The outgoing president used the opportunity to deliver a series of warnings to the American people,