The Federal Trade Commission has filed an antitrust lawsuit against Amazon over Project Nessie, an internal pricing algorithm that allegedly generated over $1 billion in excess profits between 2014 and 2019. The algorithm identified products where Amazon could raise prices with high confidence that competitors using automated repricing software themselves would match the increase. Some estimates place the excess profits as high as $1.4 billion. In April 2018 alone, Nessie set prices for over 8 million items viewed by shoppers more than 400 million times. The trial is set for October 2026.
Source: Read the original article
