June 16, 2024

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Jeff Bezos warns of a recession, advising people not to buy televisions and refrigerators this holiday season

Jeff Bezos warns of a recession, advising people not to buy televisions and refrigerators this holiday season

“The economy is not looking good right now,” said Jeff Bezos. (a file)

Recently, Amazon founder and billionaire Jeff Bezos warned consumers and businesses that they should consider postponing large purchases during the holiday season because a recession could be imminent.

Talking to CNNThe business magnate advised consumers to keep their money safe and avoid unnecessary spending in the coming months. He recommended that American families avoid buying expensive items such as new cars and televisions because the United States is staring into a recession.

“Take some risk off the table,” Bezos advised people, adding, “Keep some dry powder on hand… A little bit of risk reduction can make a difference for this small business, if we get into more serious economic trouble. You have to play the odds a little bit.” .”

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He also said, “If you’re an individual considering buying a big screen TV, you might want to wait and hold your money and see what happens. The same goes for a new car or a refrigerator or whatever. Just remove some of the risk from the equation.”

Bezos went on to say that “the economy does not look good at the moment.” “Things are slowing down. You see layoffs in many sectors of the economy,” he told the outlet.

Separately, in the same interview, Founder of Amazon He said he would donate most of his $124 billion net worth to charities in order to fight climate change and support people who can unite humanity amid growing social and political divisions. Bezos did not specify how much of his wealth he plans to give away. However, when asked if he would donate a significant portion of his wealth to charity during his lifetime, he replied, “Yes, I do.”

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Jeff Bezos is currently the CEO of Amazon, having stepped down from his previous position as CEO (Chief Executive Officer) last year.

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