Cambridge Analytica to Shut Down After Losing Clients

Cambridge Analytica, the political firm behind the Facebook privacy scandal, is permanently shutting down.

The firm, which was accused of improperly gaining access to the information of as many as 87 million Facebook users, has asid that the “siege of media coverage” had made the company lose clients.

The company’s former CEO Alexander Nix, had implied on hidden camera that the company used manipulation and bribery to learn information on political candidates.

Cambridge Analytica had been tied to Donald Trump’s campaign during the 2016 election.

“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,” the firm stated.

“Despite Cambridge Analytica’s unwavering confidence that its employees have acted ethically and lawfully, which view is now fully supported by Mr. Malins’ report, the siege of media coverage has driven away virtually all of the Company’s customers and suppliers,” the firm also said.

“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 Wall Street Journal reported that the agency is closing in part due to legal fees associated with it hiring a third party investigator, Julian Malins, to investigate the allegations of wrongdoings. It was on Wednesday that the firm said the investigation had concluded that the allegations had not been “borne out by the facts.”