Amazon's Jeff Bezos faces backlash over ‘stash some cash' advice for Americans
Billionaire Amazon founder Jeff Bezos faced backlash after he advised Americans struggling with inflation to consider not making large purchases amid fears that the country could see an economic downturn in the coming months.
During an interview with CNN, Jeff Bezos advised Americans to stash away some money to avoid potential pain heading into 2023.
“Take some risk off the table. Just a little bit of risk reduction could make the difference. If you’re thinking about buying a large screen TV, maybe slow that down, keep that cash, see what happens," Jeff Bezos said.
Last month, Jeff Bezos had also suggested that Americans should prepare to "batten down the hatches" ahead of the possible downturn.
Phoebe Wall Howard of The Detroit Free Press pointed out that the "auto industry, one of our nation’s key economic drivers, has struggled with supply chain hell for 3 years.’
"Jeff Bezos told CNN 11/15 people should hold off buying cars. Note: Amazon specialises in auto campaigns, which have included Ford, Toyota, VW, Nissan," she wrote.
Read more: Jeff Bezos’ girlfriend Lauren Sánchez plans to go on all-girls’ trip to… space
Mike Elgan, a tech journalist, pointed out that the items Jeff Bezos recommended Americans hold off on buying are some of the few products you can’t purchase on Amazon.
"Bezos urged people to put off expenditures for big-ticket items such as new cars, televisions, and appliances. TRANSLATION: ‘Bezos urged people to put off expenditures for items people don’t buy on Amazon to save money for Amazon purchases,’" Mike Elgan said.
Jeff Bezos advise comes at a point when the New York Times reported that Amazon plans to lay off approximately 10,000 employees, making it one of the largest mass terminations in the company’s history