“Hold Onto Your Money”: Jeff Bezos Warns Of Recession, Advises People Not To Buy TV, Fridge This Holiday Season

“Economy does not look good right now,” Jeff Bezos said. (File)

Amazon founder and billionaire Jeff Bezos lately warned customers and companies that they need to take into account suspending giant purchases in the course of the vacation season as an financial recession is perhaps within the offing. 

Speaking to CNN, the enterprise tycoon suggested customers to maintain their money secure and keep away from pointless spending within the coming months. He beneficial that American households keep away from the acquisition of big-ticket objects resembling new automobiles and TVs because the United States is looking at a recession. 

“Take some risk off the table,” Mr Bezos suggested individuals, including, “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.” 

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He additional mentioned, “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 additionally 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 advised the outlet. 

Separately, in the identical interview, the Amazon founder mentioned that he’ll donate nearly all of his $124 billion web value to charities as a way to fight local weather change and to help individuals who can unify humanity amid rising social and political divisions. Mr Bezos didn’t specify how a lot of his wealth he’s planning to present away. However, when requested if he can be donating a serious portion of his wealth to charity throughout his lifetime, he replied, “Yeah, I do”.

Jeff Bezos is at present the chief president of Amazon, having stepped down from his earlier position of CEO (Chief government officer) final 12 months. 

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