Amazon.com's (AMZN) competition is still being assessed by the Federal Trade Commission under its 2023 antitrust lawsuit which alleges that the online retail giant is using monopolistic business practices, according to media reports.
On Friday, US District Judge John Chun in Seattle heard arguments from Amazon and FTC lawyers ahead of the trial to determine which companies are considered to be Amazon's competition, the reports said.
In court documents filed ahead of Friday's proceedings, the FTC argues that Amazon is a monopoly, noting that the company's revenue exceeds the GDP of 145 countries.
Amazon argues that its practices do not harm consumers, and can even "promote competition" and therefore it is not a monopoly.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.