00:00It's Benzinga, bringing Wall Street to Main Street.
00:03Shares of Instacart fell about 7% in extended trading on Wednesday,
00:07after a report said the U.S. Federal Trade Commission has opened an investigation into
00:11the company's pricing practices, according to CNBC. Reuters reported the FTC sent a civil
00:17investigative demand to Instacart. Citing unnamed sources, the FTC said it does not comment on
00:23investigations, but said it was disturbed by press reports about Instacart's alleged pricing
00:27practices. A study released last week found prices for the same products at partner supermarkets can
00:32vary by about 7%, adding more than $1,000 in annual costs for customers. Instacart said
00:39retailers set prices in the app. The company acquired Eversight in 2022 for $59 million to
00:46use artificial intelligence-driven pricing and promotions aimed at creating real-time
00:51savings opportunities for customers. For all things money, visit Benzinga.com.
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