A newly unredacted portion of the Federal Trade Commission's antitrust lawsuit against Amazon says the company used a secret algorithm that essentially helped the company raise prices on other online sites.
FILE - The Amazon logo is seen, June 15, 2023, at the Vivatech show in Paris. Amazon used a secret algorithm that essentially helped the company raise prices on other online sites and “destroyed” some internal communications as the Federal Trade Commission was investigating the company, according to a newly unredacted portions of the agency’s antitrust lawsuit against the e-commerce giant unveiled Thursday, Nov. 2. FILE - The Federal Trade Commission building is seen, Jan.
“Amazon voluntarily disclosed employee Signal use to the FTC, painstakingly collected Signal conversations from its employees’ phones, and allowed agency staff to inspect those conversations even when they had nothing to do with the FTC’s investigation,” Doyle said.Some companies using lots of water want to be more sustainable.
The FTC’s excerpts say the tool - codenamed “Project Nessie” - has been used by Amazon to pinpoint products that will allow it to rake in more cash. The company used it to predict where it can raise prices and have other shopping sites follow suit. Amazon activated the algorithm to raise prices on some products, and when other sites followed its lead, it kept the elevated prices in place, the agency said.
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