Amazon will go bankrupt one day, CEO Jeff Bezos tells employees
Earlier this week, Amazon announced that it would build its headquarters in New York's Long Island City area and the Virginia suburbs of Washington DC. But just before the company announced its multi-million dollar projects that is bound to bring more than 25,000 jobs in both the cities, Amazon founder Jeff Bezos had a separate meeting with his employees at the company's headquarters in Seattle where he was asked some tough questions about the company's direction going forward.
In the meeting that took place last Thursday, a Amazon employee asked Bezos about the company's future. 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.
"Amazon is not too big to fail. 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," Bezos said, as heard by the publication in a recording of the meeting.
The goal of everyone at Amazon is to "prolong that demise" Bezos said. He further added that this can be achieved by the company to "obsess over customers"-something he has said in the past as well. "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.
Notably, the report also points out that some employees at Amazon have also expressed their concern over the company's aggressive expansion strategy. In the recent rime, Amazon's workforce has increased by manifolds and it now has over 550,000 lakh people working for it worldwide. The company has caught the attention of the US President Donald Trump, who on various occasions has targeted Amazon on Twitter. Besides this, the European Union has also opened an anti-trust probe against Amazon over its use of merchant data. Amazon staffers said that anti-trust violations and the possibility of government regulations are the biggest concerns among the employees right now.