Most of the world knows who Cambridge Analytica is. It’s hard not to at this point, considering this was the company that worked on Trump’s 2016 presidential campaign. It’s also the data firm that found itself at the center of the latest Facebook (NASDAQ:FB) scandal. Since then, many have been waiting for Cambridge Analytica to close its doors. Now, it appears those people have gotten their wish.
Cambridge Analytica Ceasing Operations
On Wednesday, Cambridge Analytica disclosed that it is ceasing all operations. It also stated that bankruptcy proceedings will commence soon. It was only a matter of time before this happened, but what’s interesting is that the U.K.-based data firm decided to stand by its actions in regards to the Facebook scandal. So, being ashamed wasn’t Cambridge Analytica’s reason for closing its doors. Instead, the company said it was doing so because the barricade of media coverage has thrown customers and suppliers off, ultimately driving them away.
The statement also read that the team at Cambridge Analytica decided that it could not continue the data business. This sounds like a bit of an understatement. It was evident the company could not continue operating the business, there’s far too much controversy. That controversy isn’t solely because of its misuse and manipulation of Facebook data, either. That’s definitely the thing that the firm is going to be remembered for, though.
With that being said, for a while, it did look like that the company was hoping to make a comeback. Back in March, the data firm suspended its CEO, Alexander Nix. Doing so showed that the company was taking some form of responsibility for the scandal, but now it appears Cambridge Analytica has given up on trying to make things right. Now they are just going to fall off the face of the Earth.
The Takeaway
Is that really a bad thing, though? Many would argue no. What do you think?
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