WASHINGTON – Cambridge Analytica, the firm at the centre of Facebook data breach scandal, has announced its closure citing revenue woes stemming out of ‘numerous unfounded accusations.
According to an official statement, Cambridge Analytica expressed that its employees acted ethically and lawfully, but the firm was ‘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’.
“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,” the statement read.
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“The siege of media coverage has driven away virtually all of the Company’s customers and suppliers,” it added.
The UK-based consultancy firm revealed that parallel bankruptcy proceedings would soon be commenced on behalf of Cambridge Analytica LLC and certain of the Company’s U.S. affiliates in the United States Bankruptcy Court for the Southern District of New York.
Though the closure is immediate, even then the data giant stated that it was committed to helping the UK investigation into Facebook and how it uses its information.
The Cambridge Analytica data breach fiasco prompted concerns in Facebook after it was revealed that the date of 87 million Americans was hacked – Mark Zuckerberg was among the victims.
The Tech-genius also testified for long-hours before Senate, where he answered multiple queries and admitted that it was his mistake.
The data breach relates to helping Donald Trump in devising presidential campaign through bespoke political ads to convince voters, pave way for the tycoon to enter Oval Office.
