The UK based company Cambridge Analytica has decided to shut down its operations which have already come in to effect from Wednesday after it made headlines in the massive Facebook data breach scandal. According to reports, Nigel Oakes, founder of the data firm's parent company SCL Group confirmed that both the companies were shutting up their businesses.
The organisation is in grave debt after it was charged with legal fees following the Facebook investigation. Simultaneously, the company was also losing its clients that led to its seizure.
The company in a statement said, "Despite Cambridge Analytica's unwavering confidence that its employees have acted ethically and lawfully, 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," it added.
After its CEO Alexander Nix was suspended in March, the employees have been asked to return their computers.
Cambridge Analytica was accused of illegally accessing data from millions of Facebook accounts, which whistleblower Christopher Wylie had disclosed earlier. Facebook had confirmed the charge in April and informed that the data of a total of 87 million users was used without authorization by the data firm.
The company is known for its association with US President Donald Trump's 2016 Presidential campaign and was recently alleged to have influenced the 2014 general elections in India as well.
