Cambridge Analytica and parent SCL Elections shutting down
"The siege of media coverage has driven away virtually all of the Company's customers and suppliers," the company's statement said.
Cambridge Analytica, the data firm embroiled in a controversy over its handling of Facebook Inc user data, and its British parent firm SCL Elections Ltd are shutting down immediately, the company said on Wednesday (May 2).
SCL Elections and Cambridge Analytica will begin bankruptcy proceedings, the firm said, after losing clients and facing mounting legal fees in the controversy over reports the company harvested personal data about Facebook users beginning in 2014.
"The siege of media coverage has driven away virtually all of the Company's customers and suppliers," the company's statement said.
"As a result, it has been determined that it is no longer viable to continue operating the business, which left Cambridge Analytica with no realistic alternative to placing the company into administration."
Allegations of improper use of data on 87 million Facebook users by Cambridge Analytica, which was hired by President Donald Trump's 2016 U.S. election campaign, has hurt the shares of the world's biggest social network and prompted multiple official investigations.
.png "YouTube UZREPORT TV")
