Cambridge Analytica Files for Bankruptcy After Misuse of Facebook Data
[ad_1] The embattled political consulting firm Cambridge Analytica announced on Wednesday that it would cease most operations and file for bankruptcy amid growing legal and political scrutiny of its business practices and work for President Trump. The decision came less than two months after the firm and Facebook became embroiled in a data-harvesting scandal that compromised the information of up to 87 million people. The revelations about the misuse of data, by The New York Times, along with The Observer of London, plunged the social media giant into crisis and prompted regulators and lawmakers to begin investigations into Cambridge Analytica. In a statement posted to its website , Cambridge Analytica said it was filing for bankruptcy in both the United States and Britain. “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 ...