Published: Sun, November 18, 2018
Markets | By Noel Gibbs

Jeff Bezos: 'I Predict One Day Amazon Will Fail'

Jeff Bezos: 'I Predict One Day Amazon Will Fail'

Amazon will go bankrupt one day, Jeff Bezos, the CEO of the e-commerce colossus worth nearly $1 trillion, told his employees in a stunning admission.

Before that, Jeff wanted to have his employees in a meeting wherein one of them asked him about Amazon's future, especially at a time when the retail sector has witnessed turmoil and the USA economy went through a shake. But surprisingly, he believes that the retail giant will one day "fail" and "go bankrupt." .

Amazon, based in Seattle, is also poised to expand into two new headquarters in NY and Virginia, and the company has seen growing adoption of its cloud computing service and its voice assistant Alexa, along with continued success in the e-commerce market.

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The goal of everyone at Amazon is to "prolong that demise" Bezos said.

"It's a fact that we're a large company", Bezos said in the recording heard by CNBC.

According to reports, last month, Amazon raised the minimum wage for all employees, including temporary workers, to $15 an hour, putting the company one step ahead of rivals like Walmart and Target in the increasingly competitive holiday hiring season. "We have to try and delay that day for as long as possible", Bezos was quoted as saying by CNBC.

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"It's a fact that we're a large company", Bezos said, according to a recording. "It's reasonable for large institutions of any kind, whether it be companies or governments, to be scrutinised". The company's workforce has grown more than 20-fold in the last eight years, and its stock price has more than quadrupled in the last five years.

What makes Bezos' confession more startling is because Amazon was on top of the world this week. Just last week, President Trump told Axios that his administration is looking into antitrust violations by Amazon, following up on similar statements he's made about the company dating back to his presidential campaign.

CNBC managed to speak to some Amazon employees on condition of anonymity to find out what the biggest future concerns are for the company.

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