Tech Brief: Cambridge Analytica is Shutting Down

Cambridge Analytica, the data analytics firm at the centre of Facebook data scandal for improperly accessing user data of over 87 million Facebook users on behalf of political clients, said it is effectively ceasing all its operations and filing for insolvency. "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," read a statement posted on the company's website.

"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." The news of Cambridge Analytica closing shop was first reported by The Wall Street Journal (paywall) earlier today.

Update on May 3: It appears that Cambridge Analytica may not be dead after all. Official documents are now indicating that the company is launching a new firm under a different brand name called Emerdata Limited.