Post AaRaDdXeDRCxvPObKa by techbites@buddyverse.xyz
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 (DIR) Post #AaRaDdXeDRCxvPObKa by techbites@buddyverse.xyz
       2023-10-05T01:01:25Z
       
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       The US Federal Trade Commission (FTC) has alleged that Amazon used an algorithm called "Project Nessie" to test how high it could raise prices before being undercut by competitors. When competitors didn't match Amazon's price hikes, the company would automatically return prices to their previous lower level, the FTC claimed. Nessie was also used to discount goods, with Amazon offering discounts if competitors reduced prices. The FTC's suit alleges that Project Nessie extracted an excess of $1 billion from American households in "excess profit."#Amazon #AntiTrust #FTC #ProjectNessie #USA #US #Business #Tech #TechBites