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Cambridge Analytica files for bankruptcy in US following Facebook debacle

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CNBC
May 18, 2018

Cambridge Analytica, the political consultancy at the center of Facebook Inc’s privacy scandal, filed for Chapter 7 bankruptcy in the United States late on Thursday.

This past March allegations surfaced that Cambridge Analytica, hired by President Donald Trump’s 2016 U.S. election campaign, improperly used data of 87 million Facebook users beginning in 2014.

Cambridge Analytica and its British parent SCL Elections said earlier this month that they would shut down immediately and begin bankruptcy proceedings after suffering a sharp drop in business.

The petition to file bankruptcy was submitted at the U.S. Bankruptcy Court Southern District of New York and was signed on behalf of Cambridge Analytica’s board by Rebekah and Jennifer Mercer, daughters of billionaire Robert Mercer.

The Mercer family was one of Trump’s biggest donors.

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This article was posted: Friday, May 18, 2018 at 8:48 am





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