The firm at the centre of the Facebook data misuse scandal is shutting down claiming it was a victim of a media witch hunt.
Cambridge Analytica is closing all its operations, filing for insolvency in the UK and bankruptcy in the US.
A statement from the company read: “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.”
Shutting down
The firm was embroiled in the saga which saw Facebook boss Mark Zuckerberg forced to apologise for the way personal details of the social media platform’s users was handled.
Facebook said the data of up to 87 million members had been harvested by an app and passed on to Cambridge Analytica, which used it for political consultancy including during the 2016 US election campaign.
The company stated:
“Despite Cambridge Analytica’s unwavering confidence that its employees have acted ethically and lawfully, which view is now fully supported by Mr. Malins’ report, the siege of media coverage has driven away virtually all of the Company’s customers and suppliers. “
Cambridge Analytica claims it acted legally and it claims it is backed up by an investigation by Julian Malins QC.
The firm continued: “Despite Cambridge Analytica’s unwavering confidence that its employees have acted ethically and lawfully, which view is now fully supported by Mr. Malins’ report, 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, which left Cambridge Analytica with no realistic alternative to placing the Company into administration.”
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