Jeff Bezos, a billionaire, stated that consumers might prepare for a recession by delaying the purchase of expensive products such as televisions and vehicles, as he forecasts that the US economy may collapse by 2023.
As he listed his top advice for surviving a recession, the founder of Amazon stated that Americans may “take risk off the table” by saving money for a rainy day.
The entrepreneur told CNN Business that consumers should refrain from making large purchases and set aside some “dry powder” for the future.
He added that he could not determine how long the recession would endure, but that the United States will likely enter a recession’very soon’ if it was not already in one.
The New York Times reports that Amazon plans to lay off up to 10,000 employees, the greatest mass layoff in the company’s history.
The retail corporation, which derives the majority of its revenue from web services, is the second-largest employer in the United States behind Walmart.
Bezos stated, “The economy does not look good right now, as things are slowing down and layoffs are occurring in numerous economic areas.”
After beginning on a charity endeavor, he appeared alongside his 52-year-old lover Lauren Sanchez.
Jeff Bezos, the founder of Amazon, claimed that consumers might prepare for a recession by delaying the purchase of expensive products such as televisions and vehicles, as he thinks that the US economy may collapse by 2023.
He added that he could not determine how long the recession would endure, but predicted that the United States will likely be in a recession’very soon’ if it was not already.
The expected duration of the economic slowdown is eight months
The development follows the founder’s announcement that he will donate the majority of his $124 billion fortune to organizations combating climate change.
Bezos stated that he wants to help people who can heal fundamental social and political conflicts and unite humanity.
During an interview with CNN, the mogul did not specify whose charities he will donate to, how much he will donate, or when.
It comes as the e-commerce behemoth Amazon prepares to lay off thousands of workers just weeks before the holiday season.
The billionaire, seated alongside his partner Lauren Sanchez, stated that they are “developing the capacity to be able to donate this money.”
Bezos stated, “The difficult part is figuring out how to leverage it.” The creation of Amazon was not simple.
‘It took a lot of hard work, a group of extremely intelligent teammates, and I’ve discovered that philanthropy is quite similar — it’s not easy, it’s very difficult.
“We are constructing the capacity to give out this money. There are a variety of ineffective actions you could take, in my opinion.
Therefore, careful consideration is required, and the team must consist of outstanding individuals.
The country music star stated as she accepted her prize, “I’ve always said I try to put my money where my heart is.” I will do my best to invest this money wisely.
Bezos was previously criticized for not signing the Giving Pledge, a commitment by hundreds of the world’s wealthiest individuals to donate the majority of their wealth to charitable causes.
The world’s fourth-wealthiest individual declined to specify how much he would be donating or where it would be spent.
He has refrained from establishing a lifetime giving goal and has pledged $10 billion over 10 years, or around 8% of his present net worth, to the Bezos Earth Fund.
Bezos also explained why he awarded Dolly Parton $100 million for her “love and compassion in work” on Friday, when he announced the award.