Cambridge Analytica, the political firm at the center of Facebook’s massive data leak scandal, filed for Chapter 7 bankruptcy late on Thursday.
The move comes after the British firm shut down its operations earlier this month. The company’s name became toxic after it was revealed earlier this year that the company had grabbed data on up to 87 million Facebook users in 2014. Cambridge Analytica went on to craft campaigns targeting voters with its data during the 2014 election cycle — and was eventually contracted by President Trump’s campaign during the 2016 U.S. election.
Cambridge Analytica filed its petition at the U.S. Bankruptcy Court Southern District of New York, noting between 1-49 creditors. Its liabilities were between $1 million-$10 million, while its estimated assets were between $100,000-$500,000.
Cambridge Analytica has been losing clients since March when it was originally tied to the massive Facebook data leak, according to the Wall Street Journal. The political firm paid University of Cambridge professor Aleksandr Kogan for data on the personality makeup of millions of Facebook users — violating Facebook’s app policies in the process.
“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 said in its announcement earlier this month.
Cambridge Analytica pulled in $15 million during the 2016 election cycle but has since failed to grab a single dollar from an American political client. Compounding its issues, CEO Alexander Nix was caught on camera bragging about using bribes and sex workers to entrap politicians on behalf of his clients. The firm opened an investigation into whether Nix had acted inappropriately; the investigation ended in May, with the firm concluding the unsavory accusations were not “borne out by the facts.”
10 Most Shocking Russian Troll Posts on Facebook and Instagram, From Hillary Clinton to Police Brutality (Photos)
The U.S. House Intelligence Committee on Thursday released more than 3,500 advertisements and posts spread by Russian trolls before and after the 2016 U.S. election. Below is a look at 10 of the most shocking examples that stood out from Congress's reveal.
House Intelligence Committee
Many posts pushed the narrative that Hillary Clinton would confiscate guns if she were elected President.
House Intelligence Committee
This graphic meme painted cops as KKK members attacking a young black child.
House Intelligence Committee
Only "sissies" and other undesirables wouldn't support Donald Trump, many of the memes said.
House Intelligence Committee
President Obama was a "pawn" and "traitor" in the hands of "Arabian Sheikhs," said one 2016 ad.
House Intelligence Committee
The "Black Matters US" page touched on hot button issues like police shootings.
House Intelligence Committee
The "Army of Jesus" page shared a bible verse, along with this meme.
House Intelligence Committee
Russian trolls also used Instagram to spread sponsored political memes.
House Intelligence Committee
The "Blacktivist" page routinely shared memes on Colin Kaepernick and other football players kneeling during the national anthem.
House Intelligence Committee
"Heart of Texas" routinely posted on "Killary Rotten Clinton," and threatened to secede from the union if she won the election.
House Intelligence Committee
The "Being Patriotic" page labeled ex-cons as "Obama voters."
House Intelligence Committee
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Congress just released 3,500 posts touching on a myriad of topics
The U.S. House Intelligence Committee on Thursday released more than 3,500 advertisements and posts spread by Russian trolls before and after the 2016 U.S. election. Below is a look at 10 of the most shocking examples that stood out from Congress's reveal.