⚡️ Amazon's secret price-hiking exposed

Welcome, Tech enthusiasts.

Amazon's secret "Project Nessie" algorithm raised prices across industries.

What other anti-competitive secrets are lurking beneath the tech giant’s sprawling empire? Let’s dig in…

In today’s tech rundown:

• 🤐 Amazon used secret algorithm to raise prices

• 💸 Meta proposes paid ad-free Instagram and Facebook

• 👨🏻‍⚖️ SBF's fraud trial kicks off in NYC

• 🛠️ 8 New products

• 📰 8 quick stories

Read time: 3 minutes

TODAY’S HEADLINES

AMAZON

🤐 Amazon used secret algorithm to raise prices

The Rundown: A redacted FTC lawsuit revealed Amazon's "Project Nessie" algorithm systematically raised prices knowing competitors would follow, according to a report from the Wall Street Journal.

The details:

• Nessie tested price increases across items to boost profits, which led to competitors raising prices as well due to Amazon's influence.

• Amazon allegedly extracted over $1 billion from households and gained excess profits, though exact figures are redacted.

• The FTC says this is an example of how Amazon's monopoly power broadly impacts consumer prices — while Amazon claims the FTC misunderstands online pricing.

Why it matters: In a legal battle over monopolizing the market, details like this secret algorithm certainly don’t help Amazon’s case. The fact that Nessie was able to algorithmically raise prices across industries shows Amazon's far-reaching dominance — and who knows what else is still hidden.

META

💸 Meta proposes paid ad-free Instagram and Facebook

The Rundown: Meta is planning to charge around $14/month for ad-free Instagram and $17 for both Facebook and Instagram on desktop in Europe, amid regulatory scrutiny and a shifting strategy for the company.

The details:

• The subscription plan aims to comply with EU laws restricting personalized ads without consent.

• On mobile, prices factor in Apple and Google's commissions at ~$13 for Instagram — with critics arguing it’s too expensive.

• A free, ad-supported version would remain, though users will have to consent to targeted advertising.

• TikTok, Snapchat, and Twitter also testing paid tiers, as privacy laws continue to pressure the social ad business.

Why it matters: This shift shows the power of regulation on Big Tech's data exploitation — but it does raise fairness concerns if privacy becomes a luxury. We'll see if Europeans actually opt to pay high fees to avoid targeted ads.

FTX

👨🏻‍⚖️ SBF's fraud trial kicks off in NYC

The Rundown: Disgraced entrepreneur and crypto investor Sam Bankman-Fried's trial on charges of stealing billions from FTX customers began Tuesday in Manhattan federal court.

Key points:

• The trial is expected to last 6 weeks

• SBF will be facing up to 110 years if convicted on all counts of wire fraud, securities fraud, and conspiracy.

• Jury selection occupied day one, with opening arguments starting Wednesday.

• Prosecutors cast SBF as a Bernie Madoff-like fraudster who enriched himself through deception — while the defense will claim he got in over his head but didn't knowingly commit crimes.

The relevance: This trial will be crypto's Enron moment — with the full story of FTX's epic collapse on display. Regardless of the outcome, it's sure to be an absolutely wild ride.

NEW PRODUCTS

🤖 Cloaked- Virtual identities that protect your privacy online (link)

📝 Fieldmobi Smart Notes- Turn messages to your team into a searchable database (link)

⚡ Arc Max- Add AI to the internet’s most powerful browser (link)

🚫 Unblocked- Talk to your codebase (link)

📧 Superhuman- The fastest email experience ever made, with AI-powered features (link)

🦾 Browse- Train a robot in 2 minutes to extract and monitor data from any website (link)

✨ Magic Studio- Create amazing product photos in minutes (link)

🧠 Taskade- Five AI-powered tools in one to supercharge your team productivity (link)

Browse the most popular tools ever featured with our tool database.

SNIPPETS

Meta has introduced a text-based "world chat" feature to all users in Horizon Worlds, facilitating non-voice communication within the virtual reality environment.

The tech giant also plans to lay off employees in its Reality Labs' FAST unit, which develops custom silicon for its augmented and virtual reality hardware.

Google will enforce new authentication and anti-spam rules for bulk email senders to Gmail from February 2024.

Zoom unveils Zoom Docs, a collaboration-centric workspace with integrated AI capabilities, positioning it as a competitive alternative to Google Workspace and Microsoft 365, with wider availability expected in 2024.

Electric Era closes a $13 million Series A funding round to advance its battery-integrated EV fast charging stations.

Netflix plans to increase the pricing of its ad-free service in several global markets, beginning with the US and Canada, after the conclusion of the Hollywood actors' strike.

Spotify introduces a subscription model offering 15 hours of audiobook streaming per month, with additional listening available for purchase.

Dish Network is fined $150,000 by the FCC, marking the first U.S. penalty for improper management of space debris.

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