Jeff Bezos, the founder of Amazon, shared a video in which David Solomon, the CEO of Goldman Sachs, predicted a likely US recession and urged people to “batten down the hatches.” Bezos tweeted, “Yep, the odds in this economy advise you to batten down the hatches.” Solomon remarked in the video, “I think it’s a moment to be careful.
Bezos and Solomon are the most recent in a long line of prominent business leaders to raise concerns about the status of the economy.
Jamie Dimon, CEO of JPMorgan Chase, has been particularly pessimistic, predicting that the recession will start in six to nine months and that stock prices might drop by another 30%. And Ken Griffin, CEO of Citadel, has stated that “there will be one. It just depends on when and, to be honest, how difficult.
In fact, half of the CEOs have already begun planning layoffs, as 90% of them anticipate a recession. The business has recently closed or abandoned plans for more than 40 warehouses, although Bezos, currently executive chair of Amazon, did not elaborate or address how a recession may affect it.
This is not the first time Bezos has discussed the economy this year. He and President Joe Biden engaged in a Twitter argument in May over the taxes paid by businesses, notably Amazon. “Raising corp taxes is fine to discuss. Taming inflation is critical to discuss. Mushing them together is just misdirection,” he wrote.
Days later, he continued his accusations on social media, writing that “only Manchin saved them from themselves, despite the administration’s best efforts to infuse even more stimulus into an already overheated, inflationary economy. Regressive taxes like inflation disproportionately harm the least wealthy people. Misdirection is detrimental to the nation.
