President Joe Biden has warned of a “dangerous concentration of power” among a few wealthy people in the United States in his farewell address to the nation.

Without naming president-elect Donald Trump, Mr Biden said: “Today, an oligarchy is taking shape in America of extreme wealth, power and influence that really threatens our entire democracy, our basic rights and freedom and a fair shot for everyone to get ahead.”

During his speech from the Oval Office in the White House, the president said there was “a dangerous concentration of power in the hands of a few ultra-wealthy people” and warned of “dangerous consequences if their abuse of power is left unchecked”.

Although he did not give names, some of the world’s richest individuals and tech titans have flocked to Mr Trump’s side, particularly since his election win in November.

Elon Musk, the world’s richest man, spent more than $100m helping Mr Trump get elected, and Meta CEO Mark Zuckerberg and Amazon CEO Jeff Bezos have also donated to Mr Trump’s inauguration.

While Mr Biden was giving his speech, Mr Trump, Mr Musk and vice president-elect JD Vance dined with Microsoft’s CEO Satya Nadella at Mar-a-Lago, according to news outlet Semafor.

During his address Mr Biden also warned of a “tech-industrial complex” he said was bringing an “avalanche of misinformation and disinformation, enabling the abuse of power”, following social media company Meta scrapping its fact-checking programme in the US and loosening its hate speech guidelines.

The president said the US Constitution should be amended to say no president should have immunity for crimes committed in office, after the Supreme Court granted Mr Trump protection last year from criminal liability over his role in trying to undermine his loss to Mr Biden in 2020.

Analysis: Trump doing his best to undermine Biden as outgoing president tries to polish his legacy

Biden takes credit for Israel-Hamas ceasefire deal

Mr Biden also took credit for the ceasefire deal between Israel and Hamas that will see the release of Israeli hostages for hundreds of Palestinian prisoners.

“This plan was developed and negotiated by my team, and it will be largely implemented by the incoming administration,” he said.

“That’s why I told my team to keep the incoming administration fully informed, because that’s how it should be – working together as Americans.”

He made the remarks after Mr Trump claimed credit for the breakthrough in negotiations

During his farewell speech Mr Biden said: “It will take time to feel the impact of all we’ve done together, but the seeds are planted and they’ll grow and they’ll bloom for decades to come.”

Mr Biden beat Mr Trump to become president in 2020, but decided to run for re-election in 2024 at the unprecedented age of 80.

He was later forced out of the race following a disastrous debate with Mr Trump and his replacement, Vice President Kamala Harris, went on to lose every battleground state to Mr Trump.

Keir Starmer will sign a century-long partnership with Ukraine today, as the prime minister makes his first visit to the war-torn country in an effort to shore up support for Kyiv – just days ahead of the arrival of Donald Trump in the White House.

Sir Keir said the 100-year agreement underpinned Britain’s “steadfast support” for Ukraine as he reiterated European unity in the face of Russian aggression. The treaty and political declaration will be laid in parliament in the coming weeks.

“Putin’s ambition to wrench Ukraine away for its closest partners has been a monumental strategic failure. Instead, we are closer than ever and this partnership will take that friendship to the next level,” said the prime minister.

“The power of our long-term friendships cannot be underestimated. Supporting Ukraine to defend itself from Russia’s barbaric invasion and rebuild a prosperous, sovereign future, is vital to the government’s security and Plan for Change.”

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The PM’s visit is part of a wider effort on the part of European leaders to shore up support for Kyiv as they ramp up discussions over regional security ahead of the handover of power in Washington. President Volodymyr Zelenskyy met with Prime Minister Donald Tusk of Poland on Wednesday.

The flurry of diplomatic activity comes as the conflict between Ukraine and Russia has intensified ahead of the inauguration of president-elect Trump, with Vladimir Putin trying to take as much territory as possible ahead of expected peace talks.

On Wednesday, Ukraine’s state energy company was forced into emergency cuts after a massive Russian military attack.

Russia controls around a fifth of Ukraine after nearly three years of war and says any deal to end the conflict must take that into account.

In September 2022, it proclaimed four regions that it only partly controls as part of its own territory, which was condemned by the United Nations General Assembly (UNGA) as an “attempted illegal annexation”.

While President Joe Biden was steadfast in the US’s continuing support of Ukraine’s military effort, Trump has made it clear he wants to end the conflict quickly, hastening discussions about what a settlement might look like between Kyiv and Moscow.

In November, President Zelenskyy said for the first time in an interview with Sky News that Ukraine was prepared to temporarily cede territory to Russia to end the war if the conflict was frozen along current lines.

He added after a ceasefire was agreed, Kyiv could negotiate for the return of seized territory.

Sir Keir has also changed his tone, from insisting allies must “double down” on support for Ukraine for “as long as it takes” at the November G20 summit, to saying British policy was now “to put Ukraine in the strongest possible position for negotiations”.

The prime minister will want to reiterate to President Zelenskyy that nothing is off the table, as the duo discuss the ongoing conflict, the impending Trump presidency and what a settlement could look like.

As part of the partnership deal, the UK will bolster military collaboration on maritime security through a new framework to strengthen the Baltic, Black and Azov seas.

President Zelenskyy has reportedly told journalists the two leaders will discuss the possibility of British troops joining a post-war peacekeeping force, as other European leaders such as French President Emmanuel Macron – who visited the PM at his Chequers country residence last week – and Tusk have similar conversations.

Ukraine relies on US support to continue the conflict, given it provides the bulk of military aid. But Trump has made it clear he is reluctant to keep funding the war, saying during the election campaign he would end it “within 24 hours” of taking office.

He has subsequently acknowledged that ending the conflict will be more difficult, but his administration is keen to press ahead: Trump has said he will arrange a call with Putin soon after his inauguration on 20 January, while the new US envoy to Ukraine, retired lieutenant General Keith Kellogg, said last week he wanted a solution to the war in the first 100 days of office.

The discussion around peacekeeping forces is part of a wider conversation among European allies about what security guarantees should be put in place for Ukraine, including buffer zones and the threat of more weapons for Ukraine in the absence of NATO membership.

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President Zelenskyy has said any guarantees must be backed up by the US as the prospect of a NATO membership invitation fades from view.

Ukraine becoming a member of NATO is a clear red line for Moscow, with Putin describing Kyiv joining the security alliance as “an unacceptable threat”.

Last week, Trump acknowledged Moscow’s longstanding opposition to Ukraine’s ambition to join NATO, given it would mean “Russia has somebody right on their doorstep, and I can understand their feeling about that”.

European leaders are concerned Trump will force Ukraine into an unjust peace deal, and they will be shut out of the negotiations which will shape the security of the continent for many years.

NATO chief Mark Rutte last month cautioned Trump over his plans for a peace deal, warning it would lead to the West’s enemies “high fiving” and would only serve to embolden China, North Korea and Iran.

The PM has come under criticism from Conservative rivals for not visiting Ukraine sooner, with former defence secretary Grant Shapps saying he was “astonished” is has taken the PM six months in power to visit the country.

However, Sir Keir has met the Ukrainian leader six times, as well as hosting him twice at Number 10 since taking office in July.

Elon Musk is being sued for failing to disclose his purchase of more than 5% of Twitter stock in a timely fashion.

The world’s richest man bought the stock in March 2022 and the complaint by the US Securities and Exchange Commission (SEC) said the delay allowed him to continue buying Twitter stock at artificially low prices.

In papers filed in Washington DC federal court, the SEC said the move allowed Mr Musk to underpay by at least $150m (£123m).

The commission wants Mr Musk to pay a civil fine and give up profits he was not entitled to.

In response to the lawsuit a lawyer for the multi-billionaire said: “Mr Musk has done nothing wrong and everyone sees this sham for what it is.”

An SEC rule requires investors to disclose within 10 calendar days when they cross a 5% ownership threshold.

The SEC said Mr Musk did not disclose his state until 4 April 2022, 11 days after the deadline – by which point he owned more than 9% of Twitter’s shares.

Twitter’s share price rose by more than 27% following Mr Musk’s disclosure, the SEC added.

Mr Musk later purchased Twitter for $44bn (£36bn) in October 2022 and renamed the social media site X.

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Since the election of Donald Trump, Mr Musk has been put in charge of leading a newly created Department of Government Efficiency (DOGE) alongside former Republican presidential candidate Vivek Ramaswamy.

The president-elect said the department would work to reduce government bureaucracy, slash excess regulations, cut wasteful expenditures and restructure federal agencies.