Cambridge Analytica Files For Bankruptcy
More scandal for the data firm.
With the Cambridge Analytica and Facebook scandal being called one of the biggest data hacks of all time, it was inevitable that the political data company would face some tough times ahead, but few would have imagined quite to what degree, and how quickly, things would implode.
Well, just a matter of months after the data scandal was revealed, Cambridge Analytica have filed for bankruptcy in the UK, with the same move expected at any moment for the US.
The firm, who are still protesting that their activities are wholly legal, have blamed the move on unwarranted media and public attention and speculation. Speaking of the shock move, a spokesperson for the company said the following: “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.”