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According to a new report from the Wall Street Journal, Cambridge Analytica and its parent company Strategic Communications Laboratories (SCL) announced they are shutting down operations and filing bankruptcy.
"Additionally, parallel bankruptcy proceedings will soon be commenced on behalf of Cambridge Analytica LLC and certain of the Company's US affiliates in the United States Bankruptcy Court for the Southern District of NY", the statement continues.
Commenting on the closure, the company said in a statement: "While this decision was extremely painful for Cambridge Analytica's leaders, they recognize that it is all the more hard for the company's dedicated employees who learned today that they likely would be losing their jobs as a result of the damage caused to the business by the unfairly negative media coverage".
Damian Collins, chair of a Parliamentary committee that has been looking into the Facebook scandal, tweeted: "Cambridge Analytica and SCL Group can not be allowed to delete their data history by closing. The investigations into their work are vital", said the committee's chair Damian Collins.
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"The siege of media coverage has driven away virtually all of the company's customers and suppliers", Cambridge Analytica said in a statement. This raises a serious concern considering how the company was active in India and in under a year, the country will be facing general elections.
This message from Facebook appears if a user's personal data has been shared with Cambridge Analytica.
However, if you thought that was the end of Cambridge Analytica, then you are wrong. "The SAME PEOPLE set up ANOTHER COMPANY and yesterday issued new company resolutions!", tweeted Wylie, pointing to Emerdata, a company set up in August 2017.
Analytica, was appointed as a director in February, only for this to be terminated in April. In addition, Jennifer and Rebekah Mercer, the daughters of businessman Robert Mercer who created and funded Cambridge Analytica, are Emerdata directors.
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