The Federal Trade Commission has accused Amazon of using a secret price-raising algorithm and destroying internal messages in a crucial antitrust case.
Amazon.com has been accused by the Federal Trade Commission of using a secret price-raising algorithm and destroying internal messages. It’s the latest development in the FTC’s crucial antitrust lawsuit against the retail giant.
The unredacted details give more insight into the allegations, including that Amazon generated more than $1 billion in extra profit from an algorithm known as ‘Project Nessie’ which was designed to test what price raises it could get competitors to follow and was used from 2014 to 2019. “Nessie was used to try to stop our price matching from resulting in unusual outcomes where prices became so low that they were unsustainable. The project ran for a few years on a subset of products, but didn’t work as intended, so we scrapped it several years ago,” Doyle said in an emailed statement to Barron’s.
Any prospective separation of Amazon could revolve around splitting its own retail operation and its third-party retail or marketplace platform. The FTC’s lawsuit cited internal documents showing that Amazon executives acknowledged there was a “punitive aspect” to its requirements on third-party sellers.
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