“Amazon Is Not Too Big to Fail,” Says CEO Jeff Bezos
Amazon CEO Jeff Bezos predicts that one day the company will fail and go bankrupt, while addressing employees.
While addressing employees about the future of Amazon during a staff meeting, CEO Jeff Bezos reportedly said, “Amazon is not too big to fail”.
After hearing a recording of the meeting, CNBC reported that the CEO of the retail giant further went on to say:
“In fact, I predict one day Amazon will fail. Amazon will go bankrupt. If you look at large companies, their lifespans tend to be 30-plus years, not a hundred-plus years.”Jeff Bezos, CEO, Amazon
Bezos’ statement came up after while addressing a question about Sears, once the world’s largest retail chain, going bankrupt recently.
Bezos continued that the key to delay the demise of Amazon would be for the company to obsess over customers and avoid worrying about itself.
“If we start to focus on ourselves, instead of focusing on our customers, that will be the beginning of the end. We have to try and delay that day for as long as possible.”Jeff Bezos, CEO, Amazon
Jeff Bezos’ admission comes at a time with Amazon is facing antitrust investigation by European regulators over the company’s use of merchant data. In the US too, Amazon is under the scanner over taxes and use of the US Postal service.
CNBC reported that this isn’t the first time that Jeff Bezos addressed the issue of his company’s market size with his employees. In March 2018, Bezos’ responded to a question about the need to regulate a company with the market power and influence of Amazon.
"It's a fact that we're a large company. It's reasonable for large institutions of any kind, whether it be companies or governments, to be scrutinized," said Jeff Bezos reported CNBC.
He reportedly added that the best way to respond to increased security would be to “conduct ourselves in such a way that when we are scrutinized we will pass with flying colors."
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