The head of online retailer Amazon.com has warned small investors not to put their hard-earned cash into Internet stocks, it emerged today.
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Mr Jeff Bezos, founder and chief executive of Amazon.com, tells BBC2's
Money Programme to be shown on Wednesday at 7.30 p.m., said: "We are not a stock you can sleep well with at night. We're a volatile stock. We're working hard on building a lasting company. And we think over time we'll build a very valuable company."
"But for a short term investor, or for a small investor, I wouldn't invest in Internet stocks," he said.
Mr Bezos's comments feature in the programme's report, The Great Dot Con, which looks at the rise and fall of Internet shares and their subsequent contribution to the US economic downturn.
Seattle-based Amazon.com had been a darling of US analysts with shares surging to more than $100 dollars in December 1999.
But the group has since lost much of that value and on Friday it closed at around $12 dollars a share on the Nasdaq.
PA