The day after Facebook announced new changes to the platform following a spat of controversy surrounding their association with Cambridge Analytica, comes the news that firm is closing up shop.
“Despite Cambridge Analytica’s unwavering confidence that its employees have acted ethically and lawfully, which view is now fully supported by Mr Malins’ report (independent investigator Julian Malins), the siege of media coverage has driven away virtually all of the company’s customers and suppliers,” it added.
“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.”
Cambridge Analytica was linked with Vote Leave ahead of the EU referendum in June 2016, and Donald Trump’s presidential campaign the same year. The firm sought information on Facebook to build psychological profiles on a large portion of the US electorate.
The company was able to amass the database quickly with the help of an app that appeared to be a personality test. The app collected data on tens of millions of people and their Facebook friends, even those who did not download the app themselves.
Facebook has since tightened its privacy restrictions.
Opinions, as to be expected, vary:
I hope the UK and every other country where Cambridge Analytica has a presence requires the company to preserve its records to prevent their files being used for a bonfire.
— Philippe Reines (@PhilippeReines) May 2, 2018
Cambridge Analytica and SCL shutting down:
"following disclosures about its use of Facebook data and the campaign tactics…"
My note: CA sat in Trump's campaign office, & company's role in interfering with our election, could implicate campaign. https://t.co/wWyih1V6fM— Amy Siskind (@Amy_Siskind) May 2, 2018
Cambridge Analytica doesn't QUITE make the #ETTD cut: they've spun off into some new forms. They're the herpes of Russia-enabling data firms…they'll pop up again soon.
— Rick Wilson (@TheRickWilson) May 2, 2018
Well, Cambridge Analytica, which peddled ludicrous snake oil about controlling voter opinions until everybody decided it had destroyed the planet, is shutting down.
— John Podhoretz (@jpodhoretz) May 2, 2018
Cambridge Analytica blames "unfairly negative media coverage" for the company's shut down; declares bankruptcy
Also says internal investigation clears them of all wrongdoing, with "unwavering confidence" they acted legally and morallyhttps://t.co/13RNUvuUwJ
— Tim Mak (@timkmak) May 2, 2018
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They just changed their name. They didn’t “cease” anything. A new company, doing the exact same things, employing the exact same people, owned by the exact same people, working out of the exact same office will take over.
Although I’ve already forgotten what they named it.Report
Emerdata. Thus the quotation marks. There will be more coming out on this story as it isn’t just Cambridge but it’s parent company SCL also seeking immediate dissolution in UK system. Depending on which reporting you want to believe there are a lot of tentacles to this story for people to chase where they will.Report
I worked for an accountant who was fighting with the IRS over some “what is the company” issue. The IRS said they’d review what they thought the company was, the accountant replied if they didn’t find in his favor within some time frame he’d dissolve the company.
And then yes, he’d then create a brand spanking new company with the same people doing the same thing, in the same building (he didn’t mention that part).
So yeah, they just changed the name. Maybe burned the records of the “old” company too since clearly there’s nothing worth keeping.Report