Outgoing US President Joe Biden delivered his farewell speech from the Oval Office on Wednesday (Jan 16), urging Americans to be vigilant against the rising influence of the ultra-wealthy "tech industrial complex" which he described as an "oligarchy taking shape".

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Here are the key quotes from his speech

- "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," he said.

- "We see the consequences all across America, and we've seen it before, more than a century ago, but the American people stood up to the robber barons back then and busted the trust. They didn't punish the wealthy. Just made the wealthy play by the rules everybody else had," Biden said.

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- He also urged Americans to be vigilant against the "tech industrial complex" which he said is "a dangerous concentration of power in the hands of a very few ultra-wealthy people."

Also read: Biden farewell speech: Sounds alarm on oligarchy, takes subtle swipe at Trump's billionaire-rich cabinet

- "Americans are being buried under an avalanche of misinformation and disinformation, enabling the abuse of power," said Biden.

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- "You know, it will take time to feel the full impact of all we've done together, but the seeds are planted, and they'll grow, and they'll bloom for decades to come," Biden said in his farewell address.

- "The free press is crumbling. Editors are disappearing. Social media is giving up on fact-checking. The truth is smothered by lies told for power and for profit."

- "It's been the honour of my life to see the resilience of essential workers getting us through a once-in-a-century pandemic, the heroism of service members and first responders keeping us safe, the determination of advocates standing up for our rights and our freedoms," Biden said.

- "After eight months of nonstop negotiation, a ceasefire and a hostage deal has been reached by Israel and Hamas," he said about the Israel-Hamas ceasefire.

- "We must make sure AI is safe and trustworthy and good for all humankind. In the age of AI, it's more important than ever that the people must govern and, as the land of liberty, America, not China, must lead the world in the development of AI," he said.

(With inputs from agencies)