“Hold Onto Your Money”: Jeff Bezos Warns About Possible Recession; Advises People To Avoid Unnecessary Spending
In a recent CNN Interview, Jeff Bezos warned people of an upcoming recession. Expensive automobiles and television, which are examples of high-ticket items, shouldn’t be bought in the meantime, according to the business mogul.
For Bezos, the impending disaster for many Americans can be remedied by preventive action. “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.”
“The economy does not look good right now. Things are slowing down. You’re seeing layoffs in many many sectors of the economy,” the tycoon underscored.
He observed that things look dismal for businesses and that there is a financial downtrend, so it’s better to be on the safe side. “Take some risk off the table, 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,” said the self-made billionaire.
It can be recalled that ass early as last month, the tech heavyweight had already warned his Twitter followers about a possible recession. Around the same time, fellow billionaire Elon Musk also made a similar statement regarding being in the middle of a global economic slowdown.
However, the Amazon founder’s advice has been criticized by some news content creators, like The Young Turks, which reminded people of the allegations against Bezos regarding the poor working conditions at Amazon warehouses. Tamanna Inamdar, senior editor of ET NOW, put the fourth richest man in the world’s financial advice into context, and said that it’s interesting for her because: “For one, he’s just sacked thousands of people in one of the biggest layoffs that Amazon has ever seen.”
Meanwhile, Jeff Bezos also revealed that he does plan to give away all of his assets in his lifetime. “It’s not easy. Building Amazon is not easy. It took a lot of hard work, a bunch of very smart teammates,” he said.
It is important to note that Amazon is among the top 5 companies in the U.S. tech COS (class of service) when it comes to layoffs in 2022. Meta comes in first after it laid off 11,000 people, while Amazon is a close second at 10,000. Tencent, which is behind major social media messaging apps such as Weibo and WeChat, comes in third for laying off more than 5,000 people. The newly acquired Twitter, Inc. of Elon Musk has laid of over 3,500 workers to date. Seagate, a giant in the hard drive business, laid off about 3,000 people.
*Cover Photo/Thumbnail Photo from Reuters taken by Richard Brian