Amazon Earned More Than $1 Billion Through Secret Price-Raising Algorithm: FTC

The e-commerce giant allegedly deployed a secret algorithm, internally known as “Project Nessie,” that raised the prices on its online store.

An Amazon employee passes by the company's logo on the opening day of the new distribution center in Augny, France, on Sept. 23, 2021. SEBASTIEN BOZON/AFP via Getty Images

Amazon created a secret algorithm that helped the e-commerce giant generate an extra $1 billion dollars, the U.S. Federal Trade Commission (FTC) alleged in a new court filing on Nov. 2.

In September, the FTC and 17 states filed an antitrust lawsuit against Amazon, but many details were withheld until Nov. 2, when a version of the lawsuit with fewer redactions was made public in the U.S. District Court in Seattle.