“Amazon will fail” CEO Jeff Bezos confesses to employees

Share this Story:

If we start to focus on ourselves, instead of focusing on our customers, that will be the beginning of the end

Amazon CEO Jeff Bezos says his company will fail, eventually. The American electronic commerce and  cloud computing company based in Seattle, Washington, was founded by Jeff Bezos on July 5, 1994.

The tech giant is the largest Internet retailer in the world as measured by revenue and market capitalization and second largest after Alibaba Group in terms of total sales.

This came after Bezos holding  an all-hands meeting last week where he announced that the company’s end is inevitable, as reported by CNBC, which received a recording of the meeting.

More reporting from deseretnews

During the meeting, someone asked Bezos about Sears going bankrupt and what that meant for Amazon.

“Amazon is not too big to fail … In fact, I predict one day Amazon will fail,” Bezos reportedly said. “Amazon will go bankrupt. If you look at large companies, their life spans tend to be 30-plus years, not a hundred-plus years.”

Bezos said it is important to delay the end as long as possible.

“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,” he said.

However,  employees are expressing concern about the pace of expansion. Amazon’s workforce has grown by more than 20-fold in the last eight years to over 600,000 employees, and the stock price has more than quadrupled since 2013.

As Business Insider reported, it’s unusual for a company’s chief executive to say the company will end well before its demise. It’s even odder since Bezos heads one of the most successful companies in the world.

Several Amazon employees, who agreed to speak with CNBC on condition that they not be named because they’re not authorized to talk about the issue, said that government regulation and the potential for antitrust violations are big concerns among staffers as they look at the company’s future.

Bigger picture: Amazon announced two new locations for its second headquarters this week. The new headquarters will lead to more than 50,000 new employees.

 

4,576 total views, 4 views today

Leave a Reply

Your email address will not be published. Required fields are marked *