Cambridge Analytica LLC, the American arm of the London-based data analytics firm of the same name, filed for bankruptcy in federal court in New York on Friday.
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The company submitted a voluntary formal petition for Chapter 7 bankruptcy—liquidation. That document reveals the company has between $ 1 and $ 10 million in debt with very little assets. On May 2, SCL Elections Ltd. and its other British affiliates filed similar “insolvency” documents with UK authorities.
It was revealed last month that a 2014 survey app created at the behest of Cambridge Analytica required Facebook login credentials and provided the survey creator access to their friends’ public profile data. In the end, this system captured data from 87 million Facebook users. This data trove wound up in the hands of Cambridge Analytica, the British data analytics firm, which worked with clients like the Donald Trump presidential campaign.