- Cambridge Analytica, the data firm at the center of this year’s Facebook privacy row, is closing and starting insolvency proceedings
- The firm was accused of using the data of tens of millions of Facebook users to influence their votes during Donald Trump’s 2016 election campaign
After creating a stir these past few months, scandal-hit political analysis firm Cambridge Analytica is declaring bankruptcy and shutting down.
The UK-based political consulting firm announced its closure in a statement on its website. Insolvency proceedings will soon commence in the U.K., while equivalent procedures for bankruptcy will go into effect for its U.S. office. In short, Cambridge Analytica blamed the Facebook scandal for its closure.
“Over the past several months, Cambridge Analytica has been the subject of numerous unfounded accusations and, despite the Company’s efforts to correct the record, has been vilified for activities that are not only legal, but also widely accepted as a standard component of online advertising in both the political and commercial arenas.”
Through it, all, the firm, through its statement, insisted that it did nothing wrong. The negative press appeared to have scared away potential business partners; making the company financially insolvent — thanks to a “siege of media coverage.”
CA came under fire after allegedly misusing Facebook user data while it was providing data assistance to President Donald Trump’s 2016 election campaign.
The firm was accused of using the data of tens of millions of Facebook users to influence their votes.