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The Federal Trade Commission (FTC) has leveled serious allegations against Amazon.com Inc. (NASDAQ: AMZN), claiming the e-commerce g
The US Federal Trade Commission has accused Amazon on manipulating prices across the web using a secret algorithm called "Project Nessie."
Newly unredacted portions of the Federal Trade Commission's antitrust lawsuit against Amazon reveal allegations that the company used a secret algorithm, codenamed "Project Nessie," to raise prices on other online sites and deliberately deleted internal communications. The FTC claims that Amazon generated over $1 billion in excess profits through the algorithm and violated antitrust laws. Amazon denies the allegations, stating that the claims are baseless and irresponsible.
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,
In addition to making $1 billion by using a secret algorithm called "Project Nessie" to push up the prices that U.S. households pay, Amazon may have also succeeded in curbing Walmart's ambitions.