Amazon is going to fail, Jeff Bezos, the tech company’s founder, told staff recently.
In an all-hands meeting with his staff, the world’s richest man made the surprising warning that Amazon, currently valued just short of $1tn and regarded as the most fearsome retailer on the planet, would one day face its own demise.
“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 told staff, according to a recording that was heard by CNBC.
Bezos was addressing a question about Sears, once the world’s largest retail chain, which filed for bankruptcy in October – collapsing in large part after its failure to compete with Amazon.
In order to stave off Amazon’s demise, Bezos said, Amazon would have to “obsess over customers” and avoid looking inward.
“If we start to focus on ourselves instead of focusing on our customers, that will be the beginning of the end,” he said. “We have to try and delay that day for as long as possible.”