Cambridge Analytica, the company at the heart of the recent Facebook data leaks scandal, is shutting down, it was confirmed.
According to the company's press release, it is shutting down because the 'siege of media coverage' has driven away all of the company's customers and suppliers. In other words, nobody wants to do business with Cambridge Analytica any more.
Cambridge Analytica's sister company, SCL Elections, both owned by SCL Group, is also shutting down.
“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 company said in the press release.
Queen’s Counsel Julian Malins conducted an independent investigation into the allegations regarding the company’s political activities, Cambridge Analytica said. Malins’ report stated that the allegations were not “borne out by the facts.”
In the end, SCL Group chairman Julian Wheatland said it would be futile to try and pivot or rebrand the company, and that shutting it down is the only way to go.
“While this decision was extremely painful for Cambridge Analytica’s leaders, they recognize that it is all the more difficult for the Company’s dedicated employees who learned today that they likely would be losing their jobs as a result of the damage caused to the business by the unfairly negative media coverage.”
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