President Joe Biden’s farewell address on Wednesday came with a series of warnings for the country’s future. including an emerging “oligarchy taking shape” that he said threatened American democracy.

“Today, an oligarchy of extreme wealth, power and influence is taking shape in America, threatening literally our entire democracy, our fundamental rights and freedoms, and offering everyone a fair chance to get ahead,” Biden said.

Biden’s comments from the Oval Office seemed clearly aimed at billionaire Elon Musk, who has been at President-elect Donald Trump’s side since his election victory, and meta boss Mark Zuckerberg.

Biden also voiced sharp criticism of social media platforms, arguing that they failed to check facts.

“Social media is giving up on fact checking. “The truth is being stifled by lies spread for power and profit,” Biden said, appearing to refer to Meta ending its fact-checking program.

The president warned of the potential dangers of artificial intelligence, calling it “the most consequential technology of our time.”

“Nothing presents more profound opportunities and risks to our economy and our security, our society,” he said.

Biden continued, arguing that without safeguards, artificial intelligence “could create new threats to our rights, our way of life, our privacy, the way we work and the protection of our nation.”

Biden also said he wishes the new Trump administration every success.

“It’s not just about the last four years of his term. He is stepping down from his career,” White House press secretary Karine Jean-Pierre told reporters on Wednesday.

“So you can imagine that the president has a lot to say, a lot of thoughts that he wants to share that really touch on the moment that we’re in right now,” she added.

In a letter Wednesday anticipating his prime-time speech, Biden touted continued job growth, lower prescription drug costs and investments in clean energy to combat climate change.

He described the early days of his administration as a struggle to get out of the clutches of the Covid pandemic and “a winter of danger,” saying Americans came together and “persevered.”

“We have emerged stronger, wealthier and more secure,” Biden said in the letter.

Biden also highlighted his economic record, particularly steady gains in the job market.

In a statement last week praising the final monthly jobs report of his term, Biden said more than 16.6 million new jobs had been created since he took office and that his administration was “the only administration in history to do every created jobs in the last month.”

Biden could potentially add a ceasefire agreement between Israel and Hamas to his administration’s list of achievements.

He began his farewell address by highlighting a new ceasefire agreement between Israel and Hamas, noting that much of it would be implemented by the new Trump administration.

If the agreement announced Wednesday afternoon goes into effect this weekend as planned, it would be a major breakthrough in the protracted war that has strained Biden’s presidency and drawn criticism within his own party.

In his letter, Biden did not mention President-elect Donald Trump by name but made indirect references to him.

“I ran for president because I believed that the soul of America was at stake. The nature of who we are was at stake. And that’s still the case,” he said.

Jean-Pierre said Biden wanted to “be positive” and “talk about what we were able to achieve.” She also said the address “will not be partisan.”

Biden struck a personal tone in his letter, reflecting on his upbringing and life as a public servant. “Nowhere else in the world could a child with a stutter from humble beginnings” serve for 50 years in the halls of Congress, as vice president and ultimately in the Oval Office.

“I have given my heart and soul to our nation. And in return, I have been blessed a million times over with the love and support of the American people,” he said.

Biden has not yet provided details of his post-presidency plans.

He and the first lady plan to travel to Central California directly from the inauguration to spend time there, three administration officials said. The couple plans to remain in Santa Barbara County, although wildfires in Los Angeles could affect their plans, officials said.

Biden was asked by a reporter last week about his plans after he leaves office: Would he speak out after the presidency or be “out of sight and out of mind”?

“I will not be out of sight or out of mind,” Biden replied.