Many are inclined to spend a pretty penny during the end-of-the-year holiday sales, but billionaire Jeff Bezos has advice for shoppers this year.
When asked if consumers should “batten down the hatches” with the looming recession, the Amazon CEO gave a serious warning in an interview with CNN on Saturday.
“My advice to people ... is take some risk off the table,” Bezos said.
“If you’re an individual and you’re thinking about buying a new large screen TV, maybe slow that down,” he added. “Keep that cash, see what happens. Same thing with a refrigerator or a new car, or whatever.”
Amazon’s lower sales expectations, layoffs
The Telegraph pointed out that this suggestion may not be taken well by those at Amazon, which sells items like televisions and fridges.
This may be an indication of lesser deals on the e-commerce website this holiday season. Consider Amazon’s lowered sales expectations in the fourth quarter this year — $140 billion, much lower than what analysts predicted, according to the report.
On top of that, Amazon also reportedly has plans of laying off 10,000 workers, the largest cut since the company was founded, according to The New York Times.
Anonymous sources indicated that “the cuts will focus on Amazon’s devices organization, including the voice-assistant Alexa, as well as at its retail division and in human resources.”
Other tech companies announce layoffs
- The Deseret News previously reported that Elon Musk, who recently bought Twitter, had cut half of the 7,500-person workforce at the social media company.
- HP had laid off tens of thousands of employees, as Hanna Seariac reported for the Deseret News.
- “Lyft said it would lay off 13 percent, or about 650, of its 5,000 employees,” according to The New York Times.
- Meta, the parent company of Facebook, also recently announced plans to lay off over 11,000 employees, as Hanna Murdock reported for the Deseret News.