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00:02The Federal Trade Commission sued Amazon on Monday, alleging the company secretly overcharged
00:08advertisers by manipulating its pricing and auction systems, according to CNBC.
00:13The lawsuit, joined by 22 state attorneys general, claims Amazon may have collected
00:18more than $20 billion through hidden advertising surcharges, dating back to a 2019 auction
00:25rule change. The complaint focuses on sponsored products, brands, and display ads shown alongside
00:31search results. Amazon called the lawsuit misguided and said the FTC misunderstands how
00:36advertisers operate. The company said it has provided advertisers with guidance about its
00:41auctions and pricing. Amazon generated more than $68 billion in advertising revenue last year,
00:47making it the world's third largest digital advertising business behind Google and Meta.
00:53For all things money, visit Benzinga.com.
