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Jeff Bezos warns of economic recession and advises people to postpone major purchases

Jeff Bezos, founder of Amazon. PA

Amazon founder and billionaire Jeff Bezos recently warned consumers and businesses that they should consider postponing major purchases during the holiday season because an economic downturn could be looming.

The billionaire advised consumers to keep their money safe and avoid unnecessary spending during the holiday season in an interview with CN.

He also recommended that American families avoid buying big-ticket items such as new cars and televisions as the United States faces a recession.

“Take a little risk on the table,” Bezos advised.

He also added that “a bit of risk reduction could make the difference for this small business, if we run into even bigger economic problems. You have to play the odds a bit.

He added: “If you’re an individual looking to buy a big screen TV, you might want to wait, save your money and see what happens. The same is true with a new automobile, refrigerator, or anything else. Just remove some risk from the equation.

Bezos said “the economy doesn’t look good right now.”

Separately, in the same interview, Amazon founder Jeff Bezos said he would donate the majority of his wealth over his lifetime, becoming the latest billionaire to pledge to donate much of it. of his vast fortune.

Bezos, whose “real-time” worth is estimated by Forbes magazine at around $124.1 billion, made the announcement in a joint CNN interview with his girlfriend Lauren Sanchez that was published Monday. The billionaire did not specify how or who he would give the money to, but said the couple were building the “capacity” to do so.

“The hardest part is figuring out how to do it effectively,” Bezos said in the interview. “It’s not easy. Building Amazon hasn’t been easy. It’s taken a lot of hard work and very smart teammates. And I’m discovering – and Lauren’s discovery – that philanthropy is very similar. It’s not easy. It’s really hard.”

Jeff Bezos is currently the executive chairman of Amazon, having left his former position as CEO (chief executive officer) last year.

With contributions from agencies

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