Cambridge Analytica files for bankruptcy

0
63

Cambridge Analytica closed for business in the US on Thursday night, filing a voluntary Chapter 7 bankruptcy in the Southern District of New York. The filings note an estimated number of creditors between 1-49, estimated assets of $100,001 to $500,000 and estimated liabilities of $1,000,001 to $10 million, according to CNN. The company’s statement says that employees did not act beyond the limits of law and ethics, but the media coverage made their suppliers turn away. “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,” a statement from the company continues. The scandal, which was brought to light by former Cambridge Analytica employee Chris Wylie and Leave campaigner Shahmir Sanni, saw the company manipulate users’ personal data to influence voting habits.

LEAVE A REPLY

Login with: 
Please enter your comment!
Please enter your name here