Cambridge Analytica to shut down, file for bankruptcy

William Gayde

Posts: 373   +5
Staff member

Cambridge Analytica, the data science firm at the center of the recent Facebook privacy scandal, has filed bankruptcy paperwork and will be shutting down. This will commence insolvency proceedings in the UK and the company will immediately cease all operations.

Their downfall follows allegations that the company improperly obtained Facebook user's information and used that most notably to influence the 2016 US Presidential Election in favor of Donald Trump. In a press release, the company stated that they still believe their "employees have acted ethically and lawfully." They have instead placed the blame for going out of business on "unfairly negative media coverage" and "unfounded accusations."

They stated that the company had launched an internal investigation following the incident and found they did nothing wrong. Facebook, whose CEO Mark Zuckerberg recently testified before Congress on these privacy issues, also launched an internal investigation. In a statement they said that "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."

One of Cambridge Analytica's affiliate companies, SCL Elections, has also filed for insolvency. The Wall Street Journal has reported that both companies' parent, SCL Group, is going under as well.

Cambridge Analytica removed their CEO last March after tapes surfaced of him discussing ways to influence elections and politicians, but that did little to stem the bleeding. The company has lost virtually all of its customers and suppliers following the Facebook incident and this has left them unable to pay their bills. They do, however, have enough money in reserve to pay their employees' severance.

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regiq

Posts: 237   +113
Their role in showing these mechanisms to the public is invaluable. Forever in memory, CA...
:p
 

treetops

Posts: 2,974   +743
"Cambridge Analytica removed their CEO last March after tapes surfaced of him discussing ways to influence elections and politicians, but that did little to stem the bleeding. "

If you steal a candy bar a police officer will slam your face down on some concrete but these guys aren't even touched.
 

ikesmasher

Posts: 3,051   +1,373
A bunch of the high ups just made a new company called emerdata, with a lot of the same investors. So they're rebranding to hope that they lose some of the negativity associated with the name, pretty much.
 
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H3llion

Posts: 1,856   +541

Berty Boy

Posts: 12   +3
A bunch of the high ups just made a new company called emerdata, with a lot of the same investors. So they're rebranding to hope that they lose some of the negativity associated with the name, pretty much.
My work colleague fished this out. So it's actually two companies.

https://beta.companieshouse.gov.uk/officers/NgzqwuKVoUrX1D1hMQmb2zPDqM0/appointments

typical corporate avoidance tactics .... unfortunately the world as most know it in their citizen capacity is run by corporate legislation. they can legally do it ! doesn't mean its lawfull
 
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mbalensiefer

Posts: 57   +27
"Cambridge Analytica removed their CEO last March after tapes surfaced of him discussing ways to influence elections and politicians, but that did little to stem the bleeding. "

If you steal a candy bar a police officer will slam your face down on some concrete but these guys aren't even touched.
Influencing elections is what the MSM does every day. Are you clueless?
 

jobeard

Posts: 13,868   +1,756
A bunch of the high ups just made a new company called emerdata, with a lot of the same investors. So they're rebranding to hope that they lose some of the negativity associated with the name, pretty much.
Very typical; change the name to protect the guilty.
 
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Knot Schure

Posts: 292   +125