Amazon utilized a confidential algorithm known as “Project Nessie” to strategically raise prices without losing its competitive edge, according to a monopolistic lawsuit by the Federal Trade Commission (FTC). The algorithm allowed Amazon to increase prices, prompting competitors to follow suit. In cases where competitors failed to match Amazon’s price increases, the algorithm would automatically …
Good morning, Quartz readers! Get ready for the latest news and updates. Kevin McCarthy, the US House speaker, has been ousted by a far-right coalition. This historical event has caused political and economic uncertainty, leaving many in anticipation. The Federal Trade Commission has accused Amazon of using an unfair algorithm, called “Project Nessie,” to outprice …
In the increasingly intense battle to understand and regulate artificial intelligence (AI), Federal Trade Commission (FTC) Chairperson Lina Khan emphasized the need for additional support from Congress to keep up with technological advancements and effectively safeguard American consumers. Khan expressed gratitude for Congress increasing the FTC’s budget, enabling more hiring. She highlighted the importance of …
Are you in search of a purple wig for your daughter’s school event? Look no further! I faced a similar challenge recently, and despite my reservations about using Amazon, it turned out to be my best option. However, I must admit, shopping on Amazon has become quite frustrating lately. Let me walk you through my …
The Federal Trade Commission and 17 state attorney generals filed an antitrust lawsuit against Amazon on Tuesday — the latest government attempt at breaking Big Tech’s dominance of the internet. The lawsuit, which followed a four-year investigation, alleges that the Seattle-based e-commerce behemoth uses its position in the marketplace to inflate prices on other platforms, …
The Federal Trade Commission and 17 states have filed an antitrust lawsuit against Amazon, potentially impacting its popular Amazon Prime service and its 167 million American members. This move by the FTC and states is not surprising, considering FTC Chair Lina Khan’s history of advocating for antitrust enforcement against Amazon. Khan has been critical of …
The Federal Trade Commission and 17 state attorneys general on Tuesday filed a highly anticipated antitrust case against Amazon. The lawsuit alleges that Amazon, the retailing giant, unlawfully maintains monopoly power, resulting in higher prices for customers and weaker competition. FTC Chair Lina Khan stated, “Our complaint outlines how Amazon has used punitive and coercive …
If you were looking for online therapy between 2017 and 2021, it’s likely that you came across BetterHelp. BetterHelp claims to be the largest provider of online therapy, boasting over 2 million users. Once you landed on their website, you would have filled out an intake questionnaire, similar to what you would do at a …
Subway’s recent $9.6 billion deal to sell itself to Roark Capital could face more antitrust scrutiny than initially expected. One major area of concern is the strict competitive rules that Subway has imposed on its franchisees. Roark Capital already owns several other fast-food chains, including Dunkin Brands, Arby’s, Sonic Drive-In, Schlotzky’s, and Jimmy John’s. If …
When Elon Musk acquired Twitter last year for a staggering $44 billion, he took on the responsibility of addressing the company’s long-standing data-privacy issues with the US government. So, what inspired Musk’s innovative design for Tesla’s Cybertruck? Before Musk’s takeover, Twitter had been operating under a consent decree with the US Federal Trade Commission (FTC) …