Amazon punished its own sellers to limit Walmart's reach, FTC says

FILE PHOTO: The logo of Amazon is seen at the Viva Technology conference at Porte de Versailles exhibition center in Paris, France, June 15, 2023. REUTERS/Gonzalo Fuentes/File Photo

NEW YORK (Reuters) - Amazon.com Inc punished its own sellers to limit Walmart's reach as Walmart got into e-commerce, according to the Federal Trade Commission (FTC).

In addition to making $1 billion by using a secret algorithm called "Project Nessie" to push up the prices that U.S. households pay, Amazon may have also succeeded in curbing Walmart's ambitions.