By TechCrunch staffPublished Aug 15, 2018 10:16:22Amazon is now worth about $1 billion and is the largest private company in the world, according to a report from research firm The Information.
Amazon has long been a target of scrutiny from regulators around the world.
In June 2018, it was fined $US400 million by the European Union (EU) over its sales practices, and last year the US Department of Justice accused the company of violating antitrust laws by using its power to block rivals.
Amazon is a very different company than Amazon Prime, the online shopping platform that began in 2009.
Unlike Prime, Amazon does not charge users a subscription fee, and the company is not allowed to collect sales tax from customers.
Instead, Amazon relies on a “premium service” model, where its customers pay a monthly fee that is deducted from their monthly Amazon bills.
The Information says Amazon’s sales volume is $1,077 billion a year, but its total revenue has been $US11.5 billion a decade.
The company has been a focus of regulatory scrutiny since the 1990s, when regulators began investigating its activities.
In a report released last year, the Federal Trade Commission accused Amazon of misleading customers by claiming that its Prime program is cheaper than competing services.
In reality, Prime was actually cheaper than other traditional online retailers, including Amazon’s competitors like eBay, eBay.com and Amazon.co.uk.
Amazon says it is in the process of revamping its business model to be more competitive, and it has said it will add a “special offer” for Prime members in coming months.
Amazon says it plans to introduce Prime memberships at a later date.