Cambridge Analytica files for bankruptcy in US following Facebook privacy scandal
London-based Cambridge Analytica was created in 2013 initially with a focus on U.S. elections, with $15 million in backing from Mercer and a name chosen by former Trump White House adviser Steve Bannon, according to a report by the New York Times. Facebook has faced multiple investigations in the United States and Europe over its handling of personal data of users, hurting shares of the Mark Zuckerberg-led company.
Cambridge Analytica and its British parent SCL Elections Ltd said earlier this month that they would shut down immediately and begin bankruptcy proceedings after suffering a sharp drop in business. Image source: Reuters