10/3, 7:08 PM (Source: TeleTrader)
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Amazon reportedly used algorithm to raise prices fairly Inc. used a secret algorithm titled Project Nessie to determine the price increases it could introduce without violating the rules of fair competition, The Wall Street Journal (WSJ) reported on Tuesday, citing documents obtained from the United States Federal Trade Commission (FTC).

The documents in question were compiled as a part of the agency's antitrust lawsuit against the tech giant. According to them, Amazon used Project Nessie to compare the prices of certain items and services on its website and those of its competitors and adjust them to make them more similar.

According to a person who spoke to the WSJ, Amazon stopped the algorithm in 2019 without a clear explanation. In the meantime, its use made the company more than $1 billion.

Baha Breaking News (BBN) / JR