And now the company has to pay up.
Transcript:
All your money going to Amazon these days? Well, this time, Amazon might be paying you.
The world’s biggest online retailer has agreed to a $2.5 billion settlement with the Federal Trade Commission, which says Amazon used deceptive tactics to get people to sign up for Prime.
Here’s the breakdown: $1 billion goes to the government. $1.5 billion will be paid out to Prime customers.
Who qualifies? People who signed up between June 2019 and June 2025 through certain offers – and then barely used Prime. They’ll automatically get $51 back.
Sounds big – but for Amazon, it’s pocket change. The company pulled in nearly 170-billion dollars in overall sales last quarter. That means it can make back $2.5 billion in about a day and a half of sales.
So while some Prime customers may see a refund…Amazon won’t exactly feel the pinch.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Caroline Woods with TheStreet.
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