‘Hold onto your money’: Jeff Bezos warns of economic recession

Amazon founder Jeff Bezos recently alerted consumers and businesses about an upcoming economic recession. The billionaire has warned people that they should consider postponing large purchases in the coming months as a possible economic recession could be coming.

The billionaire ha said that the American families should refrain from buying new cars and TVs as the US is staring at a recession. Jeff Bezos said that household debt has soared to $16.5 trillion in America and many people are relying on credit to make ends meet. So, he advised people to take some risks of the table and to cut on big expenses.

If you need to buy anything then slow down that purchase a little bit. Instead of spending on purchases, you can save the money and see what happens, advised Bezos.

“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,” said Bezos during a CNN interview.

Sitting alongside his partner Lauren Sanchez, the billionaire said that the economy does not look great right now. He said, “Things are slowing down. You’re seeing layoffs in many many sectors of the economy.”

Small business owners should stop purchasing new equipment in favour of increasing their cash reserves, advised the former CEO of Amazon. He advised that you should take as much risk off the table as you can and hope for the best, but be prepared to face the worst.

Bezos has also announced that he plans to donate most of his fortune, which is reportedly worth around $123.9 billion currently, during his lifetime.

Meanwhile, Amazon has started to lay off around 10,000 of its employees, and CEO Andy Jassy has revealed that it will continue till 2023. The layoff process began earlier this week, when the company announced that they are letting go employees from the Devices and Books businesses.