On May 2, 2018, Wednesday, Cambridge Analytica, the firm employed by the Trump campaign during 2016 presidential election, shutting down along with its parent company SCL Group after Facebook scandal. Founder of the company, Nigel Oakes confirmed the news to the sources. The company had held a call to inform its US offices that it would be not working anymore.
The company said in the statement that it will eye on bankruptcy proceedings, after losing clients from the scandal over Facebook’s scandal. Since 2014, the company harvested personal data about millions of Facebook users.
The statement said, “The siege of media coverage has driven away virtually all of the Company’s customers and suppliers.” Further, the statement added, “As a result, it has been determined that it is no longer viable to continue operating the business, which left Cambridge Analytica with no realistic alternative to be placing the company into administration.”
The company has hurt the shares of the world’s biggest social network and prompted multiple official investigations in the United States and Europe. The firm has three US offices two in Washington and one in New York. IT also has headquarters in London. Cambridge Analytica had been partly funded by the billionaire Robert Mercer. The firm marked itself as a provider of consumer research as well as targeted other data-related services to corporate clients.
Julian Wheatland, SCL chairman told US staff rebranding Cambridge Analytica would be ‘futile’. Because of the inquiries over the Facebook scandal, the firm has lost several clients.