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With inflation and recession in mind, many people are moving again.
And they have to be, says Jeff Bezos, founder of Amazon and Blue Origin. The billionaire businessman told CNN that people should refrain from major purchases like new vehicles and televisions in case a prolonged economic downturn means moving house.
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Similarly, small businesses should avoid spending huge amounts of capital or making major acquisitions at this level, he told the outlet.
Even the biggest companies are feeling the stress, especially in the hard-hit tech sector. Elon Musk’s Twitter laid off 3,700 people (about half of its employees); Mark Zuckerberg’s Meta cut 11,000 jobs.
Just yesterday, Amazon – down more than 40% year-on-year – announced it could cut around 10,000 employees, following a hiring freeze introduced last month. .
Having extra cash readily available can benefit people and organizations in times of financial uncertainty. “Take a little danger out of the office,” Bezos told CNN. “Just a little risk reduction can make a difference.”
Related: Jeff Bezos Awards Dolly Parton $100 Million, Plans to Give Back
The billionaire, who was once the richest man in the world, also said he was still a big proponent of an “achievable” American dream.
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