Amazon founder and billionaire Jeff Bezos recently warned consumers and businesses that they should consider postponing large purchases during the holiday season as an economic recession might be in the offing.
Speaking to CNN, the business tycoon advised consumers to keep their cash safe and avoid unnecessary spending in the coming months. He recommended that American families avoid the purchase of big-ticket items such as new cars and TVs as the United States is staring at a recession.
“Take some risk off the table,” Mr Bezos advised people, adding, “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.”
Also Read | Apple’s AirPods Can Work As Good As Expensive Hearing Aids, Study Finds
He further said, “If you’re an individual considering to purchase 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.”
Mr Bezos also went on to state that the “economy does not look good right now”. “Things are slowing down. You’re seeing layoffs in many many sectors of the economy,” he told the outlet.
Separately, in the same interview, the Amazon founder said that he will donate the majority of his $124 billion net worth to charities in order to combat climate change and to support people who can unify humanity amid growing social and political divisions. Mr Bezos did not specify how much of his wealth he is planning to give away. However, when asked if he will be donating a major portion of his wealth to charity during his lifetime, he replied, “Yeah, I do”.
Jeff Bezos is currently the executive president of Amazon, having stepped down from his previous role of CEO (Chief executive officer) last year.