November 19, 2022: Amazon founder Jeff Bezos has given some spending tips to consumers as he warns that recession is looming.

The billionaire has suggested consumers to keep their cash safe and avoid unnecessary spending during the winter holiday. The former CEO of Amazon suggested that small-business owners consider holding off on investments in new equipment, and build their cash reserves instead.

Bezos recommended that American households avoid the purchase of expensive items such as refrigerators, or a brand new cars, given the risk that economic conditions worsen.

Bezos added he will give away the majority of his $124 billion net worth during his lifetime. The e-commerce pioneer told he will devote the bulk of his wealth to fighting climate change and supporting people who can unify humanity in the face of deep social and political divisions.

The e-commerce titan has begun layoffs after other tech companies such as Twitter, Meta, Lyft, etc trimmed staff as they face higher interest rates and sluggish consumer spending in the US and a strong dollar abroad.