The U.S. Federal Trade Commission released new details from its antitrust case against Amazon, with one of the details being that the e-commerce giant’s secret pricing algorithm, known internally as “Project Nessie,” may have brought in over $1B in additional profits, The Verge’s Makena Kelly reports. Amazon reportedly ceased using the algorithm in 2019, but the FTC claims that the company “has repeatedly considered turning it back on,” the author notes.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on AMZN:
- CMA Closes Investigation as Amazon (NASDAQ:AMZN) and Meta Commit to Protect Fair Competition
- Affirm Stock (NASDAQ:AFRM) Soars 19% on Expanded Amazon Partnership
- Amazon (NASDAQ:AMZN) to Shutter “Style” Apparel Stores; Focus on Grocery
- AMD Stock (NASDAQ:AMD): Bull Case Still Intact Despite Soft Outlook
- Pharmageddon Post-Mortem: CVS (NYSE:CVS), Walgreens (NASDAQ:WBA) Unconcerned