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Bankrupt Cambridge Analytica blames “negative media coverage” for shutdown

Bankrupt Cambridge Analytica blames “negative media coverage” for shutdown
[Photo: Sam Barnes/Web Summit/Flickr]

The data firm at the center of Facebook’s massive privacy scandal is calling it quits.

Cambridge Analytica and its parent company, SCL Elections, said today that they will immediately cease operations in the wake of mounting legal fees and a client exodus that followed several weeks of “unfairly negative media coverage.” The company—which worked on presidential campaigns for Ted Cruz and Donald Trump—was discovered to have used Facebook data that was improperly harvested from more than 87 million users. The scandal culminated last month with Facebook CEO Mark Zuckerberg being hauled in front of Congress for back-to-back hearings.

In a press release today, Cambridge Analytica said it has filed to begin insolvency proceedings in the U.K. The harshly worded statement took aim at the news media’s incessant coverage of the data-privacy saga:

Over the past several months, Cambridge Analytica has been the subject of numerous unfounded accusations and, despite the Company’s efforts to correct the record, has been 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.

The company continues to deny any wrongdoing. You can read the full statement here, and more of our coverage on the controversial company here.

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