Amazon made extra USD 1 billion in profit via secret pricing algorithm: US FTC

SAN FRANCISCO: Amazon ran a secret pricing algorithm, codenamed “Project Nessie”, that may have generated the e-commerce platform more than $1 billion in extra profits, according to new details that emerged from the US Federal Trade Commission’s (FTC) antitrust case against the company.

The existence of ‘Project Nessie’ was first revealed in a previously redacted version of the monopoly lawsuit filed by the Lina Khan-led FTC and 17 state Attorneys General against the e-commerce major, reports The Verge.