British consulting company Cambridge Analytica has filed for Chapter 7 bankruptcy at the US Bankruptcy Court Southern District of NY.
Earlier this month, the company, which worked on Donald Trump's 2016 presidential campaign, claimed its business had been ruined by "numerous unfounded accusations" which rendered operating the business "no longer viable".
Cambridge Analytica listed assets in the range of $100 001 to $500 000 and liabilities in the range of $1 million to $10 million.
Cambridge Analytica on May 2 had already announced its intentions of shutting down, ceasing operation and declaring bankruptcy in the United States and the United Kingdom, and Cambridge Analytica's parent company SCL Group was also reported to be shutting down.
In an interview with CNN after his testimony, Wylie said that Bannon, who held a position on the firm's board before joining the Trump campaign, directed the firm to research suppressing the vote among black Americans. The data was collected in 2013 by researcher Aleksandr Kogan via a Facebook personality quiz, which was able to harvest info on up to 300,000 users' friends; Kogan subsequently sold that data to Cambridge Analytica.More news: White House seizes on claim of Federal Bureau of Investigation spy inside campaign
He didn't go into specifics, but the DOJ has now launched an investigation into Cambridge Analytica, so hopefully the details on this will come out.
Facebook said on Monday it has suspended around 200 apps in the first stage of its review into apps that had access to large quantities of user data before the company restricted data access.
Facebook has scrambled to respond to the Cambridge Analytica blowback, which caught the company off guard and resulted in CEO Mark Zuckerberg testifying in two US congressional hearings.
"The siege of media coverage has driven away virtually all of the Company's customers and suppliers", the firm said. He said that information could be used to create an algorithm to target Facebook users with profiles similar to those that were obtained by Cambridge Analytica.