Jeff Bezos warns of recession, advises not to make big purchases

Hyderabad: Amazon founder Jeff Bezos, and his girlfriend Lauren Sanchez recently gave their first sit-down exclusive television interview to CNN. In the same interview, Bezos announced that he will donate the majority of his $124 billion net worth to charities to combat climate change and to support people who can unify humanity amid growing social […]

Hyderabad: Amazon founder Jeff Bezos, and his girlfriend Lauren Sanchez recently gave their first sit-down exclusive television interview to CNN.

In the same interview, Bezos announced that he will donate the majority of his $124 billion net worth to charities to combat climate change and to support people who can unify humanity amid growing social and political divisions.

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While there were scores of reactions regarding his charity announcement which drew criticism online, his remarks about the economic recession stood out equally.

The business tycoon who categorically advised people to hold onto their money, said, “Keep some dry powder on hand…. Just 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.”

Leading up to the holiday season that brings up the Cyber Monday, Black Friday, and Christmas sales, he asked consumers not to spend big this season.

“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,” he added.