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Cambridge Analytica, one of the most infamous firms and public punching bags of the last month not named Facebook has decided to pack it in.
Parent company SCL Group has decided to shut down the company immediately, and reportedly ordered employees to immediately return their keycards.
Chairman of parent company SCL Group Julian Whetland broke the news in a conference call, informing employees that the company was shutting down due to massive – and some might say irreparable — damage to their reputation which led to the firm haemorrhaging clients.
“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 press release today, “Despite Cambridge Analytica’s unwavering confidence that its employees have acted ethically and lawfully, which view is now fully supported by Mr. Malins’ report, the siege of media coverage has driven away virtually all of the Company’s customers and suppliers. 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.”
Both US and UK offices will be for filing bankruptcy.