Cambridge Analytica shutting down in wake of Facebook data crisis

Here's how a data firm helped Donald Trump get elected as president. Cambridge Analytica's chief executive officer Alexander Nix gives an interview during the 2017 Web Summit in Lisbon on November 9, 2017. Cambridge Analytica, the political ad marketing firm that worked for President Trump and was involved in the misappropriation of 87 million Facebook users' data is closing its offices. The specialist in political predictions announced that bankruptcy proceedings will begin in the U.S., as well as insolvency proceedings in the U.K, where the firm has an office and where its parent company The SCL Group is based. "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 company said in a statement Wednesday.