A pending antitrust lawsuit from the U.S. Federal Trade Commission claims that technology giant Amazon’s business practices caused U.S. consumers more than $1 billion.
According to the suit, Amazon’s so-called “Project Nettle” pricing algorithm deliberately raised prices in a manner that forced competitors to raise prices as well.
Likewise, the suit claims that Amazon’s revamped advertising model also boosted Amazon’s revenue to the detriment of its clients.
Amazon’s leadership allegedly used encrypted messaging platforms to speak about the pricing discrepancies away from the eyes of regulators, says the suit.
