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Cambridge Analytica Files for Chapter 7 Bankruptcy after Facebook and US Election Scandals

Cambridge Analytica Files for Chapter 7 Bankruptcy after Facebook and US Election Scandals

Cambridge Analytica has filed for Chapter 7 bankruptcy in the United States after announcing that it had lost most of its clients for using data from 87 million Facebook users to influence the 2016 US election.  It is facing lawsuits in the United States over Facebook data collection and in the filing, listed assets of $100,001 to $500,000 and liabilities in the range of $1 million to $10 million.

” Cambridge Analytica Files for Chapter 7 Bankruptcy after Facebook and US Election Scandals “

Cambridge Analytica was founded in 2013, and uses data to help commercial and political divisions change audience behavior.  The board includes Rebekah Mercer and Jennifer Mercer, daughters of billionaire Robert Mercer and co-CEO of Renaissance Technologies, one of the world’s largest hedge fund.

In the United States, Chapter 7 bankruptcy filing means the debtor’s assets are sold to pay the lenders (creditors) while in Chapter 11, the debtor will restructure with creditors to ensure the orderly regroup or disposal of assets.

Source: SCMP, ReutersCambridge Analytica

 

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