Before Elon Musk's ascension, billionaire Jeff Bezos was once the world's richest person. He founded Amazon about three decades ago and became the first company to lose $1 trillion in market value. Bezos has a lot to say about the economic downturn. Americans should prepare for the worst, as warned by Bezos. In an interview with CNN last week, Jeff Bezos warned consumers and businesses that they should not postpone large purchases and big-ticket items in the coming months, because an economic recession might be coming very soon.
The billionaire-turned-philanthropist warned Americans not to buy new cars and TVs because the US is staring at a recession, with household debt soaring to $16.5 trillion and Americans relying on credit to make ends meet.
He said to take as much risk off the table as possible. If you are considering buying a big-screen TV, you might want to wait, hold onto your money, and see what happens. The same is true with a new car, refrigerator, or whatever else. Bezos said there was just a chance that there was a risk in the equation.
The economy does not look great right now, he said, sitting next to his partner Lauren Sanchez. There are layoffs in many sectors of the economy. 10,000 employees are employed in technology and corporate jobs. The layoff would be the largest job cut in the history of the company. Amazon is one of several tech companies that have announced layoffs in recent months. Over the last week, Facebook laid off over 11,000 employees after losing $700 billion of its value due to a risky metaverse bet.