Report: Amazon made $1B with secret algorithm for spiking prices Internet-wide | Ars Technica

According to the FTC's complaint, "Amazon recognizes the importance of maintaining the perception that it has lower prices than competitors," but that Amazon designed Project Nessie specifically "to deter other online stores from offering lower prices than those of Amazon." 

 In a press release, the FTC confirmed that it intends to prove that Amazon is "stifling competition on price," among other alleged consumer harms. 

 "Amazon's far-reaching schemes impact hundreds of billions of dollars in retail sales every year, touch hundreds of thousands of products sold by businesses big and small, and affect over a hundred million shoppers," the FTC's press release said. 

 "Seldom in the history of US antitrust law has one case had the potential to do so much good for so many people," John Newman, the deputy director of the FTC's Bureau of Competition, said…

https://arstechnica.com/tech-policy/2023/10/report-amazon-made-1b-with-secret-algorithm-for-spiking-prices-internet-wide/