“Hold on to Your Money,” Jeff Bezos Warns of a Recession
Jeff Bezos advised customers to keep their cash safe and avoid unnecessary holiday spending.
Amazon founder and billionaire Jeff Bezos recently warned consumers and businesses to postpone large purchases during the holiday season because an economic recession could be on the way.
In an interview with CNN, the business tycoon advised consumers to save their money and avoid unnecessary spending in the coming months. He advised American families to avoid purchasing large-ticket items such as new cars and televisions because the country is in the grip of a recession.
“Take some risk off the table,” Mr. Bezos suggested, adding, “Keep some dry powder on hand.” If we do get into even more serious economic problems, even a small amount of risk reduction could make all the difference for that small business. “You have to play the odds a little.”
He went on to say, “If you’re thinking about buying a big-screen TV, you might want to wait, save your money, and see what happens.” The same can be said for a new car, refrigerator, or whatever else. “Simply take some risk out of the equation.”
Mr. Bezos also stated that the “economy does not appear to be doing well right now.” “Things are starting to slow down.” “Many sectors of the economy are experiencing layoffs,” he told the publication.
In a separate interview, the Amazon founder stated that he will donate the majority of his $124 billion net worth to charities in order to combat climate change and support people who can unite humanity in the face of growing social and political divisions. Mr. Bezos did not say how much of his fortune he intends to give away. When asked if he intends to donate a significant portion of his wealth to charity during his lifetime, he replied, “Yeah, I do.”
Since leaving his position as CEO (chief executive officer) last year, Jeff Bezos has taken on the role of executive president at Amazon.
