Business

Founder Jeff Bezos talks about bankruptcy

Amazon has been hit hard by the wheels. The global company announced a loss of approximately US $ 3.8 billion for the first quarter of 2022. A year earlier, the company posted a profit of as much as US $ 8 billion for the same period. The mood of the gold rush seems to have faded. Amazon CEO Andy Jassy explains the weak results. “The pandemic and the ensuing war in Ukraine have brought unusual growth and challenges.” The fault lies with persistent inflationary and supply chain pressures, Jassy said. Amazon founder Jeff Bezos had and still has a different opinion.

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Bezos founded Amazon in his garage in 1994. He was the one who transformed a small online book retailer into a global company. And the company made Bezos the richest man in the world. But Bezos always reacts in a self-reflexive way when it comes to his company. And he also knows: “Amazon isn’t too big to fail.” According to CNBC, Bezos told an employee this a few years ago. But that is not all.

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“In fact, I predict Amazon will go bankrupt one day,” the CEO became even clearer. “Amazon is going bankrupt.” Bezos explains that other large companies also usually don’t live beyond 30 years. There are exceptions and Bezos knows this too. “Most of the companies that are several hundred years old are breweries,” he once said with a laugh.

Bezos is not worried

When Bezos released these statements, he was in the midst of Amazon’s growth and unprecedented success. And even during the pandemic, business flourished. But now that the masks can be removed in many places, people can’t wait to go out again. The next few months will show if they will spend even less online and return to retail.

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However, the quarterly data now presented could indicate what the Amazon boss had already prophesied in 2018. The demise of Amazon. But it’s not that far yet. Because even though the group lost nearly $ 4 billion: sales were well over $ 100 billion. On the other hand: Amazon will turn exactly 30 in 2024. But even if the online retailer were to disappear, that wouldn’t worry Bezos, as he told American television a few years ago. “Because I know I can’t help it. Companies come and go.” And according to Bezos, this also applies to the most dazzling and important of their time.

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