UK's Political Consultancy Cambridge Analytica, which is at the center of Facebook's data leak scandal, is stopping its functioning. The company has said on Wednesday that after a sharp fall in business, Cambridge Analytica and British parent company SCL Elections Ltd. are stopping their operations with immediate effect. The company has announced that it will declare itself as bankruptcy in the US and UK. Cambridge Analytica is alleged to have incorrectly acquired data from Facebook users in the interest of its political clients. Cambridge Analytica is accused of influencing US presidential elections and referendum.
Cambridge Analytica said in a statement that after the data leak case related to Facebook linked to Facebook, it has suffered a large number of clients in March. Also, he has to pay heavy legal fees, so running the business is no longer rational. Cambridge Analytica has said that he has filed papers in the UK to begin the process of insolvency and he will demand bankerpicious protection in New York Federal Court.
In the meantime, the social networking site Facebook has said that in this case related to data leak, its own investigation will continue. A Facebook spokesman has said, "This developments will not affect our commitment and determination to ensure that the whole issue is understood and not to do so again." He said, "We will continue to investigate this matter with the help of related authorities."
Analyst is that the US presidential elections in 2016 and the referendum of UK Brejgit is accused of misusing the personal data of Facebook users. In March, Channel 4 had an undercover footage of Alexander Nix, CEO of Cambridge Analytica , in which he was telling how his firm could influence elections across the globe.
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