Billionaire Jeff Bezos recently warned people about an impending economic recession, advising businesses and consumers alike not to make big purchases during the holiday season.
The Amazon founder said consumers should conserve their cash and avoid spending on unnecessary items in the coming months. He claimed that America was facing a recession that meant American families should not buy “big-ticket items” like refrigerators, TVs and new cars.
Speaking to JEE News, he said: “Take some risk off the table.”
“Keep some dry powder on hand […] A little risk reduction could make the difference for this small business if we get into more serious economic trouble,” the outlet quoted him as saying. “You have to play the odds a little bit.”
Those looking to buy a “big screen TV” might want to wait and hold their money, he said, asking people to remove risk from the equation.
Bezos said the economic situation at the moment “doesn’t look good” and things are slowing down. “You’re seeing layoffs in many sectors of the economy,” he told JEE News.
In the same interview, Bezos announced a huge donation of his $124 billion fortune to charities fighting climate change. They also donated money to support people and organizations trying to bring people together as social and political divisions widened. The billionaire did not share the exact amount though he would give.
When asked if he was giving away a large portion of his net worth, Bezos said: “Yes, I do.” He has committed $10 billion to fight climate change and protect nature through the Bezos Earth Fund, where he is executive chair.
Country music star and philanthropist Dolly Parton received $100 million through the “Bezos Courage and Solitude Award,” which recognizes leaders who “find solutions with courage and civility,” she said Saturday. Rose said on Twitter.
Bezos, who is now Amazon’s executive chairman after stepping down as CEO last year, added that he knew if the situation the country was in could “technically” be called a recession.
The e-commerce company itself has laid off thousands of employees, frozen jobs, and made cutbacks. Because it’s hard to predict when times will be better, the billionaire said, “You just have to try and be reasonable about it, take as much risk as you can. Hope for the best, but Be prepared for the worst.”
