Cambridge Analytica declares bankruptcy after Facebook data scandal
A political consultancy firm Cambridge Analytica that campaigned for US President Donald Trump by using personal Facebook data of users has declared bankruptcy. On Wednesday it announced that it is ceasing its operations in US and UK.
This closure of operation came after it lost clients because of the revelation that they improperly used data of the Facebook users in 2016 US election.
In a statement, Cambridge Analytica said,"It is no longer viable to continue operating the business," The statement also added that they have shut the firm because defamed 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.
Cambridge Analytica is facing critical investigations and sanctions from around the world.
In a statement, Facebook said, "This doesn't change our commitment and determination to understand exactly what happened and make sure it doesn't happen again. We are continuing with our investigation in cooperation with the relevant authorities. There have been multiple hearings in the US Congress.
First Cambridge Analytica suspended its executive named Alexander Nix, who was caught on tape confirming that the firm could use bribes and sex workers to entrap politicians.
Also Read:Mark Zuckerberg trolled on Twitter for sitting on a booster seat, many convinced that he is a robot
First published: 3 May 2018, 11:03 IST
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