Tuesday, 18 December, 2018

Bezos: Amazon is "not too big to fail"

Amazon will go bankrupt one day, CEO Jeff Bezos tells employees Jeff Bezos says Amazon will fail and go bankrupt one day
Jean Garcia | 18 November, 2018, 21:52

Amazon CEO Jeff Bezos has recently made an astonishing acknowledgement claiming that one day his company will fail and go bankrupt.

In the meeting that took place last Thursday, a Amazon employee asked Bezos about the company's future. Amazon will go bankrupt. "If you look at large companies, their lifespans tend to be 30-plus years, not a hundred-plus years", Bezos told his staff.

Amazon this week announced it was going to expand into two new locations for its second headquarters, dubbed "HQ2", which will mean an increase of roughly 50,000 employees.

Bezos also emphasized that in order not to meet the same fate as Sears, which was once the world's largest retail chain and declared bankruptcy in October, Amazon should "obsess over customers".

With the same scrutiny being lobbed at other tech powerhouses, specifically Facebook, CNBC said that Bezos believes Amazon shouldn't be bundled with its tech peers. Over the last eight years alone, the company's workforce has grown 20-fold to over 600,000 employees and its stock price has more than quadrupled since 2013.

Couple and Homeless Man Now Facing Charges Over GoFundMe Campaign
Coffina spoke with a sense of sympathy for Bobbitt, noting his service in the Marine Corps, but said he had no other choice. McClure and D'Amico began a GoFundMe campaign so they could "do something special" for Bobbitt, they said.

He further said that one day Amazon will fail but their job is to delay it as long as possible. "It's reasonable for large institutions of any kind, whether it be companies or governments, to be scrutinized".

The employee, as CNBC News points out, wanted to know the lessons the company's visionary founder had learnt from recent turmoil in the retail sector, particularly the bankruptcy of American department store chain, Sears.

But the comments do come at a time when many critics are expressing concern over Amazon growth in recent years and its expansion plans in the years ahead.

"The governor and the mayor have chose to throw Jeff Bezos nearly $3 billion in subsidies and tax breaks - and throw in a helipad so he doesn't have to take the damn 7 train", said city councilman Jimmy Van Bramer.

Bezos also owns The Washington Post, which has been a lightning rod of criticism for some conservatives, including President Trump, who told Axios last week that his administration was looking into antitrust violations by Amazon. "It's very interesting - I'm not sure what that says about society".

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