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Stock impact report

Instacart shares drop on report that FTC is probing company over AI pricing tool [MSNBC.com]

Maplebear Inc. (CART) 
US:NASDAQ Investor Relations: snl.com/irw/corporateprofile/4715924
Company Research Source: MSNBC.com
Shares of grocery delivery serviceInstacart"The Federal Trade Commission has a longstanding policy of not commenting on any potential or ongoing investigations," the FTC told CNBC in a statement. "But, like so many Americans, we are disturbed by what we have read in the press about Instacart's alleged pricing practice."A studyreleased last weekIn 2022, Instacart spent $59 million to acquire Eversight, a company specializing in artificial intelligence-driven pricing and promotions for retailers and consumer packaged goods. Instacart sought to "create compelling savings opportunities for customers in real-time" with Eversight, according to aregulatory filingEarlier on Wednesday, Robert Garcia, a U.S. House Democrat from California, sent a letter to Instacart CEO Chris Rogers asking for a report on how the company sets prices."It is unconscionable that corporations are adding to Americans' financial strain with algorithmic — and potentially surveillance — pricing," wrote Garcia, who is r Show less Read more
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