Jeff Basoz, Amazon founder and executive chairman, warned about the economy not looking good right now, he told CNN.
“Things are slowing down. You’re seeing layoffs in many, many sectors of the economy,” he said in the interview.
Many companies announced thousands of layoff, and not only big tech like Amazon, Meta and Twitter, but investment banking such as Goldman Sachs as well. Amazon’s founder noted that people might need to tighten their budget. Holding off on purchasing non-essential products such as big-screen tv, refrigerator, new car etc., should remove some risk from the equation.
This time is not a good sign for investors, but not for all businesses, as Basoz expected utilities, healthcare and real estate to perform well even if the economy falls.
