Amazon testifies before Congress
Amazon CEO Jeff Bezos was grilled on charges of his company stifling the growth of third-party sellers on its platform by misusing their pricing, inventory, and other data. The antitrust committee alleged that Amazon accesses data of third-party sellers to boost its own private labels despite a policy against such a practice, and the company's prior denials of engaging in it.
"I can't guarantee you that policy has never been violated," Bezos said. Amazon was also charged with entering categories, buying smaller competitors, and eventually, shutting down those businesses sometimes even at the expense of its own bottomline. But, before a "surprised" Bezos could respond to the allegation, the Senator moved on to the next charge.