Jeff Bezos says, hold on to your money, don’t buy cars or TVs as the US economy is not looking good. | Tech Reddy
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Jeff Bezos says, hold on to your money, don’t buy cars or TVs as the US economy doesn’t look good | Image source: Wikipedia
Amazon’s founder and billionaire Jeff Bezos, while speaking to CNN, warned consumers and businesses that they should consider postponing major purchases during the holiday season as the recession may come.
The business tycoon advised consumers to avoid unnecessary spending in the coming month and keep their money safe. He asked American families to avoid buying things like cars, refrigerators, TVs as the US is facing a recession.
The founder of Amazon said, “Keep dry powder on hand …. A little reduction in risk can make a difference in that small business, if we get into serious economic problems. You have to play the game is possible a little.”
He continued, “If you’re someone who’s thinking about buying a big screen TV, you might want to wait, hold onto your money, and see what happens. It’s the same with a new car, refrigerator, or anything else. Just take some risk out of the equation.”
Dismissal from work
He added that the economy is not looking very good as things are moving slowly. There are also layoffs in many sectors of the economy.
In the last few months, many big tech companies like Twitter, Meta, Zomato, Byju and Microsoft have announced and implemented layoffs. These companies also include Amazon.
Giving money to charity
Bezos in the same interview said that he will donate most of his 124 billion dollars worth to charities to fight climate change and support people who will be able to unite society at a time when social and political divisions are growing. When asked if he plans to give away a large portion of his wealth during his lifetime, he agreed and replied, “Yes, I do.”
In October, in response to a video of Goldman Sachs CEO David Solomon predicting a US recession, Bezos issued a similar warning when he tweeted, “Yes, the opportunities in this economy tell you to lower your hatches. .”
Bezos is currently the executive president of Amazon, after stepping down from his role as CEO (CEO) last year.
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