Cambridge Analytica shutting down following Facebook scandal

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Cambridge Analytica, a key player in Facebook's series of data scandals, has officially shut down. But that doesn't mean those behind the entity will escape the scrutiny of regulators. This information was used to enable Donald Trump's campaign in the 2016 presidential election.

"This information about DE shows why protecting data on social networks is so important". At one point, the sell-off wiped $50 billion off the company's market value. Last week it said it was "no Bond villain" and had been vilified by inaccurate reporting, including footage of Nix boasting of the company's dirty tricks — including honey traps and fake news — to win elections. Despite a fast reaction and being exonerated by a credible authority, no amount of crisis management and communication could make up for the actions of Cambridge Analytica's leadership. Results of the probe released Wednesday contradicted claims made by whistleblower Christopher Wylie and described his involvement with the firm as being "very modest".

The U.K. Information Commissioner's Office said Cambridge Analytica's demise won't stop its inquiry into the company's practices. In the wake of the Cambridge Analytica scandal, however, there is more internal momentum to pursue it, according to the report. "We will also monitor closely any successor companies using our powers to audit and inspect, to ensure the public is safeguarded".

Right around that time it was reported that the Cambridge Analytica board of directors suspended CEO Alexander Nix.

Shutting down Cambridge Analytica does not, however, seem to be the end of the road for the data analytics group.

Cambridge Analytica has announced that it would file for bankruptcy and cease most of its operations. The House of Commons committee on digital, culture, media and sport is also investigating the company. He said, "There will always be a version of Facebook that is free", he said, leaving the door open for paid alternatives.

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Facebook estimates given to the attorneys general showed that approximately 196,00 Facebook users in the United States downloaded the app and that more than 46 million people were friends with those users, potentially exposing their personal information.

It doesn't appear the closure would directly affect the parent company, SCL Group, making it more hard to get rid of evidence on insolvency grounds.

The Tech-genius also testified for long-hours before Senate, where he answered multiple queries and admitted that it was his mistake.

The U.K. and European Union parliaments also want Zuckerberg to answer their questions publicly, though he has so far declined.

The Federal Trade Commission in the US, meanwhile, also is investigating Facebook.