‘Rings hollow’: Biden ripped for warning of oligarchy ‘taking shape’ in US despite deep ties to billionaires

President Biden was widely panned by conservatives on social media after warning in his final speech to the nation of an “oligarchy taking shape in America.”

“That’s why my farewell address tonight, I want to warn the country of some things that give me great concern,” Biden said in his farewell speech on Wednesday night. “And this is a dangerous — and that’s the dangerous concentration of power in the hands of a very few ultrawealthy people, and the dangerous consequences if their abuse of power is left unchecked. 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.”

“We see the consequences all across America. And we’ve seen it before.”

Conservatives on social media quickly reacted to that comment with criticism pointing to the billionaires that Biden has associated with over the years, including liberal megadonor George Soros, who he recently awarded the Presidential Medal of Freedom.

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President Biden, right, awarded George Soros with the Presidential Medal of Freedom earlier this month. (Getty Images)

Fox News Digital previously reported on several billionaires who donated to President Biden’s re-election campaign last year, including Laurene Powell Jobs, the widow of Steve Jobs, and Alphabet Executive Chairman Eric Schmidt.

“Joe Biden didn’t call out Iran, China, or the wars he helped create in his farewell speech—but he attacked American citizens, calling them ‘oligarchs’ and ‘a threat to democracy,’” GOP Congresswoman Nancy Mace posted on X. “A fitting end to a presidency defined by blame and failure.”

Mace added in another post, “Joe Biden discussing democracy, a free press, institutions and the abuse of power in his final farewell speech is rich.”

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President Biden delivers a farewell address to the nation in the Oval Office of the White House in Washington, D.C., on Wednesday, Jan. 15, 2025. (Getty)

“Joe Biden, who just awarded the Medal of Freedom to George Soros and gave his own son a free pass for any and all federal crimes he committed over the course of a decade, now wants you to know that oligarchies are bad,” conservative commentator Matt Walsh posted on X.

“Yes, Biden, opponent of the wealthy and powerful…who just gave the nation’s highest civilian honor to…George Soros, Hillary Clinton, Ralph Lauren (net worth $11 billion), and Magic Johnson (net worth $1.6 billion)” American Compass managing editor Drew Holden posted on X. 

“Biden’s oligarchy warning, while with merit, rings hollow from the leader of a party fueled by billionaires,” former White House correspondent Ron Fournier posted on X. “Truth is, the monied class rules both halves of the corrupt duopoly.”

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President Biden delivers his farewell address to the nation from the Oval Office of the White House in Washington, D.C., on Jan. 15, 2025. (Getty Images)

“INCREDIBLY RICH for Biden to warn about ‘power concentrated in the hands of a few wealthy people’ when their entire political apparatus has been fueled by Arabella Advisors and George Soros for decades,” Republican communicator Matt Whitlock posted on X.

Fox News Digital reached out to the White House for comment but did not immediately receive a response.