Jeff Bezos warns of economic recession, advises people to postpone large purchases

Amazon founder Jeff Bezos. AP

Amazon founder and billionaire Jeff Bezos recently warned consumers and businesses that they should consider postponing large purchases during the holiday season as an economic recession might be in the offing.

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

He also recommended that American families avoid the purchase of big-ticket items such as new cars and TVs as the United States is staring at a recession.

“Take some risk off the table,” Bezos advised.

He also added that “a little bit of risk reduction could make the difference for that small business, if we do get into even more serious economic problems. You’ve got to play the probabilities a little bit.”

He further said, “If you’re an individual considering to purchase a big-screen TV, you might want to wait, hold onto your money, and see what transpires. The same is true with a new automobile, refrigerator, or whatever else. Just remove some risk from the equation.”

Bezos stated that the “economy does not look good right now”.

Separately, in the same interview, Amazon founder Jeff Bezos said he will give away the majority of his wealth during his lifetime, becoming the latest billionaire to pledge to donate much of his vast fortune.

Bezos, whose “real-time” worth Forbes magazine estimates at roughly $124.1 billion, made the announcement in a joint CNN interview with his girlfriend Lauren Sanchez that was released on Monday. The billionaire didn’t specify how or to whom he will give away the money, but said the couple were building the “capacity” to do it.

“The hard part is figuring out how to do it in a levered way,” Bezos said during the interview. “It’s not easy. Building Amazon was not easy. It took a lot of hard work and very smart teammates. And I’m finding – and Lauren’s finding – that philanthropy is very similar. It’s not easy. It’s really hard.”

Jeff Bezos is currently the executive president of Amazon, having stepped down from his previous role of CEO (Chief executive officer) last year.

With inputs from agencies

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