“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 primetime speech to the nation in the White House‘s Oval Office.

Tech titans such as X CEO Elon Musk and, more recently, Meta CEO Mark Zuckerberg have been attempting to curry favor with President-elect Donald Trump as he prepares to be inaugurated for a second term.

Biden, seated behind the Resolute Desk, compared his warnings to the alarm President Dwight Eisenhower expressed decades earlier about the nation’s growing military-industrial complex.

“Americans are being buried under an avalanche of misinformation and disinformation, enabling the abuse of power,” Biden said, referring to social media websites. “The truth is smothered by lies told for power and for profit. We must hold the social platform accountable to protect our children, our families, and our very democracy from the abuse of power.”

Biden also called for tax reform, for the United States to assert its dominance in the artificial intelligence space, for new ethics standards for Congress and the Supreme Court, and for an amendment to the Constitution “to make clear that no president, no president, is immune from crimes that he or she commits while in office.”

“In a democracy, there’s another danger to the concentration of power and wealth,” Biden said. “It erodes a sense of unity and common purpose. It causes distrust and division. Participating in our democracy becomes exhausting and even disillusioning. … We have to stay engaged in the process.”

Flanked by pictures of his family, including first lady Jill Biden and son Hunter, Joe Biden not only reflected on the four years of his one and only term as president, but his eight years as President Barack Obama‘s vice president and 36 years representing Delaware in the U.S. Senate.

He also had special praise for Vice President Kamala Harris, who replaced him as the 2024 Democratic nominee amid concerns about his age and mental acuity.

“My eternal thanks to you, the American people,” Biden said. “After 50 years of public service, I give you my word: I still believe in the idea for which this nation stands, a nation where the strengths of our institutions, the character of our people, matter and must endure. Now, it’s your turn to stand guard. May you all be the keeper of the flame. May you keep the faith.”

In his address, Biden leaned into the theme of protecting democracy at the center of his presidential campaign. On the trail, he and Trump accused one another of representing a threat to the Constitution, with Biden citing Jan. 6 and Trump pointing to the federal investigations against him.

“After 50 years at the center of all of this, 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, institutions,” Biden said Wednesday. “Our system of separation of powers, checks and balances, may not be perfect, but it’s maintained our democracy for nearly 250 years, longer than any other nation in history that’s ever tried such a bold experiment.”

Despite Biden’s arguments, he will depart the White House on Monday will dismal approval ratings, among the lowest of his presidency. A CNN poll published this week found only 37% of respondents approved of his administration, compared to 63% who did not. His average approval rating is net negative 17 percentage points, according to RealClearPolitics.

His farewell address coincided with his announcement earlier Wednesday that Israel and Hamas had agreed to a ceasefire and hostage deal 15 months after the terrorist organization attacked its Jewish neighbor.

“This plan was developed and negotiated by my team, and will be largely implemented by the incoming administration,” Biden said. “That’s why I told my team to keep the incoming administration fully informed, because that’s how it should be, working together as Americans.”

Biden previewed his remarks in an open letter released Wednesday morning that served to remind the public that he inherited a country emerging from a pandemic that became “stronger, more prosperous, and more secure” than before it.

“Today, we have the strongest economy in the world and have created a record 16.6 million new jobs. Wages are up. Inflation continues to come down,” the president wrote. “The racial wealth gap is the lowest it’s been in 20 years. We’re rebuilding our entire nation.”