1 Day
Source:
Sky News
US agency sues Amazon over ad prices
The U.S. Federal Trade Commission and 22 states have filed a lawsuit against Amazon, accusing the company of artificially inflating the prices that businesses pay for advertising on its platform. This was allegedly achieved through secret bidding wars that lasted for more than seven years. Amazon faces allegations of employing unfair practices, including hidden extra fees and using fake bidders, which likely resulted in tens of billions of dollars in damages. The company's shares dropped by about 2.5% as a result. This case comes at a time when concerns about monopolistic practices and their impact on consumers and markets are on the rise.
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