Amazon’s secret pricing scheme made it an extra $1 billion, FTC says

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Amazon’s secret pricing scheme made it an extra $1 billion, FTC says
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Amazon’s secret pricing algorithm, codenamed “Project Nessie,” may have generated the company more than $1 billion in extra profits, according to new details released from the Federal Trade Commission’s antitrust case.

Amazon’s secret pricing algorithm, codenamed “Project Nessie,” may have generated the company more than $1 billion in extra profits, according to new details released Thursday from the Federal Trade Commission’s antitrust case against the e-commerce giant. In September, the FTC and more than a dozen state attorneys general sued Amazon, claiming that the company operates an illegal monopoly.

Amazon reportedly stopped using Nessie in 2019, but the FTC alleges that the company “has repeatedly considered turning it back on.” These details were blacked out of the original case and partially reported by The Wall Street Journal. On Thursday, a new version of the lawsuit was released with fewer redactions, providing the public with more insight into the FTC’s arguments and evidence. Last month, an Amazon spokesperson said that the FTC “was wrong on the facts and the law.

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