Political consultancy Cambridge Analytica, the firm at the center of the Facebook data-sharing scandal, is shutting down, it says.
Cambridge Analytica announced that bankruptcy proceedings will begin in the U.S., as well as insolvency proceedings in the U.K, where the firm has an office and where its parent company The SCL Group is based.
The firm was accused of improperly using data on behalf of political clients including the Trump campaign.
Cambridge Analytica maintained:
“unwavering confidence that its employees have acted ethically and lawfully,” the company said Wednesday, but “the siege of media coverage has driven away virtually all of the Company’s customers and suppliers.”
That led to the decision to file for bankruptcy, the company says.
“Despite the Company’s precarious financial condition, Cambridge Analytica intends to fully meet its obligations to its employees, including with respect to notice periods, severance terms, and redundancy entitlements,” it said.
Cambridge Analytica, with offices in New York, Washington and London, has said it has 107 full-time employees. Most of the employees work in its central London headquarters.
The Facebook data of up to 87 million people was improperly shared with the political consultancy.
