LivingSocial Taps Amazon Investment by Giving Money Away (Sort Of)

Today’s LivingSocial deal is offering $20 gift cards to Amazon.com for only $10. The offer follows Amazon’s $175 million investment in LivingSocial, which is a group-buying, daily deals company based in Washington, D.C., that is in fierce competition with Groupon. While the money isn’t free, users who take advantage of the offer in roughly the next 24 hours will essentially receive 50 percent off a $20 Amazon.com gift card. By this morning, nearly 420,000 gift cards had already been purchased.