In his long-awaited farewell address to the nation, Joe Biden warned Americans that the country faces an emerging “oligarchy”—specifically pointing to the tech industry—that is flooding elections with so-called “dark money.” However, the Democrats received far more funding that Donald Trump during the November elections, with a majority of the wealthy backing the left-leaning establishment party.
Biden claimed ultra-wealthy individuals in the technology sector pose a significant threat to democracy in thinly veiled comments mostly directed at Elon Musk. Notably, Musk, Jeff Bezos, Mark Zuckerberg, and other business leaders will attend President-elect Donald J. Trump’s inauguration alongside his cabinet nominees on January 20. Biden’s remarks may ring hollow to many Americans, as the Biden campaign was the top beneficiary dark money donations, raking in a record-breaking $145 million.
The total dark money that flowed into the 2020 election surged to over $1 billion and largely benefited Democratic Party candidates in 2024. The problem of dark money has become so prolific that Senator Josh Hawley (R-MO) has called for the repeal of the Supreme Court’s Citizens United decision and for passage of new election regulations that would effectively end the Democrat Party’s dark money behemoth.
BIG TECH & OLIGARCHS.
The outgoing Democratic president’s concerns about the power of technology industry moguls surprised many as well. It was the Biden government that pressured social media platforms to censor Americans’ opinions online. In August last year, Meta CEO and Facebook founder Mark Zuckerberg admitted his companies worked in conjunction with the Biden government to censor COVID-19 content that Biden’s staff found to be contradictory to their public positions, even if it was factual. Zuckerberg has now pledged to end his partisan political contributions to Democrat-aligned election groups.
While Biden decried the threat of oligarchy, some of his most prominent political backers are individuals many would describe as oligarchs. George Soros and Reid Hoffman have been heavily supporting Biden’s campaigns. Biden even awarded Soros the Presidential Medal of Freedom earlier this month.
Polling data suggests Biden’s political hypocrisies have fueled widespread disapproval of the 82-year-old. Data released on Wednesday shows Biden’s favorable rating at just 33 percent and his unfavorable rating at nearly 60 percent.