Controversial intelligence and data company, Cambridge Analytica, is flat broke. And this is official! The company has formally filed for bankruptcy.
It filed for voluntary Chapter 7 bankruptcy in a New York court on Thursday.
The company had earlier this month, alongside their parent company SCL Electronics Ltd, said they would shut down and begin proceedings for bankruptcy after facing a sharp decline in business.
Cambridge Analytica had, earlier this year, sparked a Facebook scandal, following its harvest, and use, of private information of Facebook users.
The scandal had caused Facebook considerable losses, and even led to Facebook founder Mark Zuckerberg appearing before the US Congress,
Cambridge Analytica’s LLC assets range between $100,001 and $500,000 with their liabilities between $1 to $10 million.
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