Amazon founder and billionaire Jeff Bezos, while speaking to CNN, warned consumers and businesses that they should consider postponing large purchases during the holiday season as an economic recession might be coming.
The business tycoon has advised customers to avoid unnecessary spending in the coming month and keep their cash safe. He has asked American families to avoid purchasing things like cars, refrigerators, and TVs as the US is staring at a recession.
The Amazon founder said, "Keep some dry powder on hand.... Just a little bit of risk reduction could make the difference for that small business, if we do get into even more serious economic problems. You've got to play the probabilities a little bit."
He further went on to say, "If you're an individual considering purchasing a big-screen TV, you might want to wait, hold onto your money, and see what transpires. The same is true with a new automobile, refrigerator, or whatever else. Just remove some risk from the equation."
Layoffs
He added that the economy doesn't look very good as things are slowing down. There have also been layoffs in many sectors of the economy.
In the last few months, many big tech companies like Twitter, Meta, Zomato, Byju's and Microsoft have announced and carried out layoffs. These companies also include Amazon.
Giving money in charity
Bezos in the same interview said that he will donate the majority of his $124 billion net worth in charities in order to combat climate change and support people who will be able to unify humanity at a time when the social and political divisions are growing. When asked if he plans to donate a major portion of his wealth during his lifetime, he agreed and replied, "Yeah, I do."
In October, when responding to a video of Goldman Sachs CEO David Solomon, who was predicting the downturn of the US economy, Bezos had issued a similar warning when he tweeted, "Yep, the probabilities in this economy tell you to batten down the hatches."
Bezos is currently the executive president of Amazon, after having stepped down from his role as chief executive officer (CEO) last year.
