Cambridge Analytica is closing up shop and filing for bankruptcy

Following the scandal that saw it accused of mishandling the data of Facebook users, Cambridge Analytica and SCL Elections are filing for bankruptcy.

The announcement comes after the firm has been accused globally of using Facebook data to target users during political campaigns – accusations the firm still maintains are false.

“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,” Cambridge Analytica said in a press statement.

Cambridge Analytica went so far as to include a statement from Julian Malins, the legal counsel the firm retained to conduct an independent investigation into the accusations.

“I had full access to all members of staff and documents in the preparation of my report. My findings entirely reflect the amazement of the staff, on watching the television programmes and reading the sensationalistic reporting, that any of these media outlets could have been talking about the company for which they worked. Nothing of what they heard or read resonated with what they actually did for a living,” wrote Malins in his findings following the investigation.

That’s not what we would call evidence that Cambridge Analytica’s nose is clean. Just because employees don’t know the inner workers of a company doesn’t mean the company is operating ethically.

Cambridge Analytica states very clearly that the media coverage it has received over the last month has damaged the business due to “unfairly negative media coverage”.

Of course, it can’t be the fact that the company scrapped the data of people’s friends without their knowledge because they took a quiz on Facebook. Nor could it be the revelations seen in a Channel 4 exposé where the CEO was seen making highly questionable suggestions about running a political campaign.

[Source – Cambridge Analytica] [Image – CC BY 2.0 Thought Catalog]


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