UK-based data mining company, Cambridge Analytica (CA) has shut down its operations and is seeking insolvency in both Britain and USA.
In a statement, the company stated that it has in the past few months lost a large number of clients after reports indicated that it had harvested data from Facebook from 2014.
CA has been in existence since 2013 and as a result of the Channel 4 report on March 19, 2018 has been facing mounting legal fees.
“The siege of media coverage has driven away virtually all of the Company’s customers and suppliers,” the statement read in part.
“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 placing the company into administration,” the report continues.
CA was in 2016 apparently hired by US President, Donald Trump a move that had the company improperly use data from 87 million Facebook users. And was allegedly contracted by Kenyan President, Uhuru Kenyatta in 2013 and 2017.
“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 statement reads.
The Wall Street Journal reports that CA closed shop effective Wednesday and their staff told to shut down their computers.
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