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FTC alleges Amazon made $1 billion through secret price raising algorithm - Reuters - SCW NewsWatch
"Amazon.com ... used a series of illegal strategies to boost profits ... including an algorithm that pushed up prices U.S. households paid by more than $1 billion, the [FTC] detailed in a [Thursday] court filing .... [The FTC alleged that] Amazon, [with] 1 billion items in its online superstore, created a 'secret algorithm internally code named "Project Nessie" ... identify[ing] specific products for which it predicts other online stores will follow Amazon's price increases. ... Amazon used Project Nessie to extract more than a billion dollars directly from Americans' .... [An] Amazon spokesperson ... said the FTC 'grossly mischaracterizes' the pricing tool and [that] the company stopped using it several years ago. ..."
Click here for "Amazon made $1 billion through secret price raising algorithm - U.S. FTC" - Reuters 11.2.23
Key Words: Amazon, FTC, Antitrust, Law, Pricing, Project Nessie, Business
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