Cambridge Analytica files for bankruptcy in New York
Documents list Cambridge Analytica’s estimated assets in the range of $100,001-$500,000, with liabilities thought to be between $1m and $10ms
New York — British political consulting group Cambridge Analytica filed for voluntary Chapter 7 bankruptcy in the Southern District of New York, court documents showed. The firm, whose attorney filed late on Wednesday, announced in early May that it would close and file for bankruptcy in the UK and the US after failing to recover from the Facebook data scandal. The documents listed Cambridge Analytica’s estimated assets in the range of $100,001 and $500,000, with estimated liabilities between $1m and $10m. Earlier in May, the company, which worked on Donald Trump’s 2016 presidential campaign, claimed its business had been ruined by "numerous unfounded accusations", which rendered operating the business "no longer viable". The firm became embroiled in scandal in March when former analyst Christopher Wylie revealed it had used a Facebook personality prediction app to hijack up to 87-million Facebook users’ data — claims Cambridge Analytica denies. Soon after, Cambridge Analytica CEO A...
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