Cambridge Analytica, political consultancy firm which worked for the Trump campaign, on Wednesday announced to shut and cease its operations in the United Kingdom and United states. The company has taken the decision after facing loss of clients and business. The firm released a statement on May 2 saying it would cease operations and declare bankruptcy in the United States and United Kingdom. The firm had lost clients and business because of revelations in March, and allegations that it had improperly obtained the personal information of millions of Facebook users.
The statement released by Cambridge Analytica reads, “It is no longer viable to continue operating the business,” Cambridge Analytica said in a statement.
The whole controversy came to light in March in news reports that Cambridge Analytica has amassed data from millions of Americans through a Facebook quiz app. After the reports, Facebook suspended the firm at that time.
In cognizance to the Cambridge Analytica’s decision, Facebook also released a statement, “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.”
The application which collected the information and data of Facebook users was identified as ThisIsyourDigitalLife. The tool was developed and designed by researcher named Alexander Kogan. In total, Facebook has said that Cambridge Analytica had access to data on 87 million people, including 71 million Americans, in its efforts to create detailed profiles about people’s behaviors, background and political mindset.
“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 firm said in a statement Wednesday.