They increasingly own everything from access to space to how we get news on Earth and now outgoing President Joe Biden warns America’s new breed of Donald Trump-allied oligarchs could gobble up U.S. democracy itself.

Biden used his farewell speech to the nation to deliver a shockingly dark message: that a nation which has always revered its entrepreneurs may now be at their mercy.

“An oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy, our basic rights and freedoms,” Biden said.

He named no names, but his targets were clear: men like Elon Musk — the world’s richest person — who surround incoming Republican president Trump.

That “dangerous concentration of power in the hands of a very few ultra-wealthy people” will have “dangerous consequences if their abuse of power is left […]