Controversial data collection agency Cambridge Analytica, known for its affiliation with President Trump’s 2016 election campaign, is liquidating operations. The British company is filing for Chapter 7 bankruptcy protection. The company said in a New York court that its assets added up to $100,000 to $500,000, while its liabilities were between $1 million and $10 million owed to over 40 creditors.
The filing was signed by Jennifer and Rebekah Mercer, sisters who are majority shareholders of the company. Their father, Robert Mercer, is a billionaire Republican donor who has close relationship with Trump. Robert had stake in the pro-Republican website Breitbart News, which he sold to Rebekah Mercer in late 2017.
The data collection agency has been under extensive scrutiny for possible links to Russia’s interference in the 2016 U.S Presidential election. Cambridge Analytica filed its papers to initiate process of insolvency in the U.K. earlier this month. While commenting during these proceedings, it cited ‘unfairly negative media coverage’ and said it was vitrified for actions that were legally accepted worldwide as part of online advertising.
Cambridge Analytica has insisted that none of the Facebook data it acquired through a survey application titled “thisisyourdigitallife” was used in the Trump campaign. However, since this event, Facebook has tightened its privacy restrictions. Cambridge Analytica suspended its CEO Alexander Nix, on account of a pending investigation, as Nix indicated the use various services to an undercover reporter for Britain’s Channel 4 News.