President Joe Biden‘s farewell address on Wednesday came with a series of warnings for the future of the country, including a rising “oligarchy taking shape” that he said threatens American democracy. “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,” Biden said. Biden’s comments, delivered from the Oval Office, seemed clearly aimed at billionaire Elon Musk, who has been at the side of President-elect Donald Trump since his election win, and Meta chief Mark Zuckerberg. Biden warned of “the potential rise of a tech industrial complex,” arguing that it could “pose real dangers” to the country. He also launched into a sharp criticism of social media platforms, arguing they are neglecting to fact-check. “Social media is giving up on fact-checking. The truth is smothered by lies told for power and for profit,” Biden said, appearing to reference Meta ending its fact-checking program. The president warned of the potential perils of artificial intelligence while calling it “the most consequential technology of our time.” “Nothing offers more profound possibilities and risks for our economy and our security, our society,” he said. Biden continued, arguing that without safeguards, artificial intelligence could “spawn new threats to our rights, our way of life, to our privacy, how we work and how we protect our nation.” Biden also seemed to swipe at his successor in arguing that the Constitution must be amended to “make clear that no president” is “immune from crimes that he or she commits while in office.” A constitutional amendment would require deep support and bipartisanship at both the federal and state levels, making it unlikely in the near term. His comments appeared to target Trump, who was impeached twice, indicted four times and convicted on the Manhattan charges. Trump pleaded not guilty to all counts and has routinely maintained that he did nothing wrong, and the federal charges against him were dropped following his electoral victory. “A president’s power is not limited,” Biden said. “It’s not absolute, and it shouldn’t be.” Biden also said that he wishes the incoming Trump administration success. “It’s not just about the last four years of his administration. He is stepping down from his career,” White House press secretary Karine Jean-Pierre told reporters Wednesday. “So you can imagine the president has a lot to say, a lot of thoughts that he wants to share, really touch on the moment that we’re in right now,” she added. In a letter Wednesday previewing his prime-time remarks, Biden highlighted the parts of his speech that touched on what he views as his key accomplishments, touting persistent job growth, lower prescription drug costs and investments in clean energy to fight climate change. “Powerful forces want to wield their unchecked influence to eliminate the steps we’ve taken to tackle the climate crisis, to serve their own interest: for power and profit,” Biden said during his speech. “We must not be bullied into sacrificing the future, the future of our children and our grandchildren.” He began his farewell address highlighting a new ceasefire deal between Israel and Hamas, noting that much of it would be implemented by the incoming 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 weighed on Biden’s presidency and prompted criticism from within his own party. In his letter and speech, Biden did not refer to 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 very nature of who we are was at stake. And, that’s still the case,” he said in the letter. Biden said during his address that serving as president has been “the highest honor of my life.” “I still believe in the idea for which this nation stands, a nation where the strengths of our institutions and the character of our people matter and must endure,” Biden said. “Now it’s your turn to stand guard. May you all be the keeper of the flame. May you keep the faith.” Biden has yet to lay out specifics for his post-presidency plans. He and the first lady plan to travel directly from the inauguration to central California for personal time, three administration officials said. The couple plan to stay in Santa Barbara County, though wildfires in Los Angeles could affect their plans, officials said. The president was asked by a reporter last week about his plans after leaving office in terms of his role as a political figure: Would he speak out post-presidency or be “out of sight and out of mind?” “I’m not going to be out of sight or out of mind,” Biden responded. Caroline Kenny, Ghael Fobes, Megan Shannon and Kelly O’Donnell contributed. This story first appeared on NBCNews.com. More from NBC News: Trump attorney general pick Pam Bondi faces questions over DOJ independence Supreme Court tackles Texas adult website age-verification restriction Kamala Harris’ potential next move: A book