Today's Business Headlines: 10/31/23
The Federal Trade Commission in new court documents said Amazon deliberately raised prices by more than $1 billion through secret algorithms known as “Project Nessie.”but many details were withheld from public view until Thursday when a version of the lawsuit with fewer redactions was made public in US District Court in Seattle.
The FTC said Amazon created a “secret algorithm internally code-named ‘Project Nessie’ to identify specific products for which it predicts other online stores will follow Amazon’s price increases.Amazon spokesman Tim Doyle said the FTC “grossly mischaracterizes” the pricing tool and the company stopped using it several years ago.
The FTC said that “while Project Nessie is currently paused, Amazon could turn it back on at any time. Indeed, Amazon has repeatedly considered turning it back on — and there are no obstacles preventing Amazon from doing so.”The FTC said Amazon began using Nessie in 2014, and by 2018, Amazon used it to set prices that were viewed by shoppers more than 400 million times.
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