Excitement among Amazon customers in the US: According to the US regulator FTC, the online retailer has taken more than a billion dollars (about 950 million euros) from their wallets using a secret price adjustment algorithm.
According to court documents, the FTC accused the American company in a lawsuit in court in Seattle on Thursday of skimming large additional revenues through the price adjustment program called “Project Nessie”.
“Amazon used Project Nessie to cheat Americans out of more than a billion dollars,” the documents say. An Amazon spokesperson said the FTC is misrepresenting Project Nessie and the program is no longer being used.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
