Cambridge Analytica Files for Bankruptcy

Photo Credit: Shop Catalog http://www.shopcatalog.com/

By Nick Baum

FRIDAY – 5/18/18

Cambridge Analytica, the company that worked with Trump’s campaign was accused of accessing private user’s data and personal interests on Facebook in order to advertise to them, bringing them into the center of a lengthy scandal, including a testimony by Mark Zuckerberg, CEO of Facebook to explain what happened to his company, and what could be done to prevent it.

Now, the data sharing firm has filed for Chapter 7 Bankruptcy at the US Bankruptcy Court of New York Southern Division, the same division that covers New York City. The processes of bankruptcy started in early May, with both Cambridge Analytica and their parent company, SCL Elections, starting bankruptcy procedures.

In the tech firm’s filings, they stated that their “assets” or valuable sources of money, number from $100,000 to $500,000, while their “liabilities”, or responsibilities that they will need to pay for, number from $1 million to $10 million, due to the past scandal as well as their former Director of Research, Christopher Wylie, had to testify against a Senate Committee on Wednesday.

Sources: CNN, BBC, USA Today

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