Amazon made $1 billion through secret price raising algorithm -FTC

Amazon Earned Over $1 Billion Through Secret Price-Raising Algorithm: FTC

The e-commerce giant allegedly deployed a secret algorithm, internally known as "Project Nessie," that raised the prices on its online store.

Amazon Accused Of Raking In $1 Billion Through Deceptive Practices, According To FTC Suit - Amazon.com (NASDAQ:AMZN), Walmart (NYSE:WMT)

The Federal Trade Commission (FTC) has leveled serious allegations against Amazon.com Inc. (NASDAQ: AMZN), claiming the e-commerce giant engaged in deceptive practices that increased consumer prices by over a billion dollars. What Happened: Details from a previously filed lawsuit in September came to light after a federal court in Seattle released a version with fewer redactions. According to the FTC, Amazon utilized a covert algorithm, known in…

FTC: Amazon used secret price-boosting algorithm, destroyed internal messages

Amazon has long faced accusations of monopolistic practices, and now, the Federal Trade Commission claims it has proof in the form of an algorithm. In September, the FTC, along with 17 states, filed a lawsuit against Amazon. The suit's central allegation is that the online retailer intentionally punished rivals for offering lower prices than Amazon. In newly un-redacted documents, the FTC says Amazon used a secret algorithm to raise prices …

Amazon used an algorithm to essentially raise prices on other sites, the FTC says

Amazon used a secret algorithm to essentially help raise prices on other online sites and also “destroyed” internal communications as the Federal Trade Commission undertook an antitrust investigation against it, according to newly unredacted portions of the agency’s lawsuit. The new excerpts unveiled Thursday allege executives at the e-commerce giant intentionally deleted communication by using a feature on the popular app Signal that makes mess…

Amazon is a company that needs no introduction and is one of the most powerful in the technological field. But according to the latest news, the company is being accused by the FTC of being able to...

Amazon accused of illegally boosting profits through secret algorithm

Amazon.com is facing allegations of using unlawful strategies to enhance its profits, including the implementation of an algorithm that inflated prices paid by U.S. households by over $1 billion, according to the U.S. Federal Trade Commission (FTC).