Thursday, 3 May 2018

After Facebook data misuse allegations, Cambridge Analytica shuts down

Cambridge Analytica , a data firm that worked for President Donald Trump’s 2016 campaign, is shutting down following allegations about its misuse of Facebook data and the campaign tactics it pitched to clients.

In March, the company suspended its chief executive, Alexander Nix, and said it was launching an independent investigation to determine if the company engaged in any wrongdoing in its work on political campaigns.

The company decided to close its doors because it was losing clients and facing mounting legal fees in the Facebook investigation, according to people familiar with the matter. SCL Group and SCL Elections, which are affiliated with Cambridge Analytica, also are shutting down in the U.S. and the U.K.
Cambridge Analytica and SCL Elections issued a joint statement on Wednesday confirming the companies’ closures. “Over the past several months, Cambridge Analytica has been the subject of numerous unfounded accusations,” the statement said. “The siege of media coverage has driven away virtually all of the company’s customers and suppliers. As a result, it has been determined that it is no longer viable to continue operating the business.”
The company also said that “parallel bankruptcy proceedings” would commence for Cambridge Analytica and “certain of the company’s U.S. affiliates.”

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