Bezos warns of recession, says ‘hold onto money’

Recently, billionaire Jeff Bezos warned about an impending economic slump, recommending companies and customers not to purchase expensive things over the holiday season.

In the next months, the founder of Amazon advised shoppers to keep their money secure and avoid frivolous purchases. According to him, the United States is set to enter a recession. Thus American households should not purchase “big-ticket products” like refrigerators, televisions, and new automobiles.

He stated to CNN, “Take certain risks off the table.”

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“Keep some dry powder on hand […] A modest amount of risk reduction might make all the difference for that small firm if we have even more severe economic difficulties “The news source cited him as saying. A small bit of probability manipulation is required.

He advised anyone purchasing a “large-screen television” to hold on to their cash and remove the danger from the equation.

Bezos stated that the current economic situation did not “look good” and that things were deteriorating. CNN quoted him saying, “You’re seeing layoffs in many, many areas of the economy.”

In the same conversation, Bezos pledged a massive commitment from his $124 billion wealth to environmental organizations. As social and political differences widened, he also contributed money to help individuals and organizations working to unite people. However, the millionaire did not reveal the precise amount he would donate.

When asked if he is donating a significant percentage of his wealth, Bezos responded, “Yes, I am.” Through the Bezos Earth Fund, where he serves as executive chair, he has pledged $10 billion to combat climate change and safeguard wildlife.

Dolly Parton earned $100 million through the “Bezos Bravery & Decency Award,” which recognizes leaders who “pursue solutions with courage and civility,” as Jeff Bezos announced on Twitter on Saturday.

Bezos, now the executive president of Amazon after retiring as the company’s CEO last year, added that he did not know if the US is “technically” experiencing a recession.

The e-commerce titan has laid off thousands of workers, stopped hiring, and reduced expenditures. Given that it is difficult to forecast when the economy will improve, the billionaire advised: “Try to be sensible, and eliminate as much risk as possible for yourself. Prepare for the worst while hoping for the best.”