Virendra Pandit

 

New Delhi: In the most unambiguous warning yet of an approaching global recession, e-commerce pioneer and Amazon founder Jeff Bezos has warned customers to be prepared for the worst and not buy even a TV or a refrigerator.

“Take as much risk off the table as you can,”, he said in a CNN interview this week, according to the media reports on Thursday.

“Hope for the best, but prepare for the worst,” he advised.

He offered some spending advice to customers and warned them to save their funds.

The Amazon founder warned customers against planning ‘irrational’ holiday spending, as the global economy could deteriorate. He advised American households against investing in expensive products like refrigerators or brand-new vehicles.

 “If you’re an individual, considering purchasing a big-screen TV, wait, hold on to your money, and see what transpires. The same applies to a new automobile, refrigerator, or whatever else. Just remove some risk from the equation,” Bezos added.

The former CEO of Amazon — after Andy Jassy took over as CEO of Amazon last year, Bezos assumed the position of the executive chair—also advised small business owners to put off purchasing new equipment and preserve cash.

Bezos also declared that most of his USD 124 billion fortune will be donated throughout his lifetime.

According to the e-commerce pioneer, he will use most of his riches to fight climate change and support those who can bring people together in the face of severe social and political conflicts.