Political consulting firm Cambridge Analytica has closed its doors and filed insolvency amid the ongoing Facebook data breach scandal.
The firm, which is at the centre of the scandal and has been touted as the reason Trump got into power, has confirmed it has ceased all operations effective immediately.
As well as ceasing operations, Cambridge Analytica has also filed bankruptcy in New York, leading to the closure of its New York and Washington offices.
The firm has been embroiled in drama since Trump got into office and was founded by the President’s former advisor, Steve Bannon.
Cambridge Analytica released a statement announcing the closure overnight, which pointed to the continual ‘vilification’ of the firm as the cause of its insolvency.
It read, “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 added in the statement it had hired Queen’s Counsel Julian Malins to probe accusations of wrongdoing by Cambridge Analytica.
According to Cambridge, Malins found no wrongdoing.
Speaking on the probe, Malins said, “I had full access to all members of staff and documents in the preparation of my report.”
“My findings entirely reflect the amazement of the staff, on watching the television programmes and reading the sensationalistic reporting, that any of these media outlets could have been talking about the company for which they worked.”
“Nothing of what they heard or read resonated with what they actually did for a living.”
Despite the evidence of no ‘wrongdoing’, Cambridge Analytica said it was forced to shutter as “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.