“He expressed equal concern about the potential rise of a tech-industrial complex that could pose real dangers for our country,” Biden said. Biden’s remarks came as President-elect Donald Trump strengthened his ties with Big Tech executives such as Elon Musk, who serves as co-chair of his outside-government commission to recommend spending cuts, along with Amazon’s Jeff Bezos and Meta’s Mark Zuckerberg. Trump invited all three CEOs to his swearing-in ceremony, now moved inside the Capitol Rotunda. Historians and economic experts told ABC News that Biden’s warning reflects a long-standing issue that people on both sides of the aisle are already aware of. “When you have the three richest men in the country on the dais, you cannot ignore the influence these billionaires have on the government,” said Sarah Anderson, global economy project director for the non-profit research group Institute for Policy Studies. While it is too early to gauge the public’s response to Biden’s warning, experts believe that history has shown Americans traditionally push back against oligarchies, leading businesses to scale back their influence to avoid economic consequences. Daniel Kinderman, associate professor of political science at the University of Delaware, highlighted the current income inequality in the U.S., which he described as “oligarchic conditions,” with the top 1% owning a significant portion of the wealth compared to the bottom 50%. Biden likened the situation to the “robber barons” and industrial monopolies of the 19th century. Trump and other leaders have welcomed alliances with tech CEOs, contending that their ideas will enhance government efficiency. However, Kinderman noted concerns about CEOs having excessive control over public discourse and emphasized the importance of not allowing them to set rules solely benefiting their industries. Musk and Zuckerberg have faced criticism for their moderation decisions on X and Facebook, respectively, and have expressed more conservative viewpoints in recent interviews.
Tech giants Zuckerberg and Bezos will have prime seats at Trump’s inauguration. Bezos and other CEOs are facing criticism for dismantling DEI initiatives, targeted by conservative backlash. “This is a new form of oligarchy,” Kinderman stated. “It’s an intensified technological oligarchy controlling media and technology.” Political scientist Jonathan Hanson highlighted Musk’s unprecedented involvement in Trump’s administration, raising concerns about potential influence over government agencies and spending.
The experts cautioned that the public is taking notice, especially Trump supporters. While Trump and tech CEOs have yet to respond to Biden’s warnings, search data shows increased interest in oligarchies post-speech. Google searches for “oligarchy” spiked, particularly in Republican states like Wyoming, Arizona, and Oklahoma.
Biden’s warning has gained bipartisan attention, potentially impacting public perception. Hanson emphasized that Trump supporters prioritized economic concerns, and if policies favor CEOs over addressing inflation and income inequality, alienation may ensue.
Biden referenced historical resistance against oligarchs through labor unions in his speech, suggesting a potential resurgence in labor movements. Anderson highlighted growing support for organized labor and consumer activism as potential responses to perceived injustices.
CEOs’ firms. PHOTO: In a June 19, 2017, file image, Jeff Bezos addresses as President Donald Trump, left, and Satya Nadella, Microsoft’s CEO, listen during the American Technology Council roundtable held at the White House in Washington, D.C. (Bloomberg via Getty Images, FILE). She highlighted that more than 250,000 individuals terminated their subscriptions to The Washington Post after Bezos intervened to halt the newspaper’s intended endorsement of Vice President Kamala Harris. Millions of users on social media have migrated from Meta platforms and X to alternative social media platforms since the companies scaled back their content moderation policies, as per Anderson. PHOTO: In a June 29, 2024, file picture, a protester displays a sign bearing the words ”A minimum wage of at least $15+/Hour, Moving up to a living wage’ amid other informative messages during the Poor People’s March on Pennsylvania Ave in Washington D.C. (Aashish Kiphayet/Sipa USA via AP, FILE). “There is an aura surrounding these billionaires, and when individuals link the influence of these oligarchs to the negative effects on everyday lives, people will rapidly shift,” she stated. How enduring will this partnership be? Kinderman stated that the true trial will emerge if Trump or Republican congressional leaders overstep ethical boundaries that are perceived to be detrimental to the public. He highlighted that CEOs, such as Musk, and corporations withdrew from Trump’s Strategic and Policy Forum in 2017 subsequent to his withdrawal from the Paris climate agreement and his remarks following the Charleston Unite the Right rally. PHOTO: President-elect Donald Trump speaks to members of the media during a press briefing at the Mar-a-Lago Club on Jan. 7, 2025, in Palm Beach, Fla. (Scott Olson/Getty Images) MORE: What prompted 2 White House economic councils to suddenly disband “It’s truly anyone’s conjecture, but will the administration’s agenda clash with certain potent American business interests? It’s quite revolutionary, so I believe it almost certainly will,” Kinderman remarked. “The new oligarchs are positioned firmly, and they appear to be aligned with Trump, but that alliance could fracture.” ‘Oligarchy 2.0’: Experts provide insights on whether Biden’s caution about the affluent is warranted originally appeared on abcnews.go.com
