Amazon will go bankrupt one day, Jeff Bezos, the CEO of the e-commerce giant told his employees in a stunning admission.
Bezos made the statement at an all-hands meeting last Thursday in Seattle when an employee asked him about Amazon's future.
"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," CNBC quoted Bezos as saying.
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.
Bezos’ comments surfaced shortly after the company announced it will open offices in Long Island City and the Virginia suburbs of Washington, DC.
Amazon is the second-largest private employer in the United States with more than 560,000 employees.
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. This year, Amazon also moved up the start date of Black Friday deals for certain products, including Amazon’s tech tablets.