The closure of the firms came after a series of scathing investigative reports revealed how profiles of 87 million Facebook users were improperly acquired by the firm from researcher Aleksandr Kogan, who designed a personality quiz that not only lifted data from those who downloaded it but from their friends as well.
Cambridge Analytica appears to want to put an end to all its problem by shutting down.
US-based social media giant Facebook has said that almost 5.62 lakh people in India were "potentially affected" by its global data breach involving Cambridge Analytica.
He added: "Even if the name plate on the door changes, we are still able to pursue the former directors of SCL and Cambridge Analytica".
According to Shapiro, it is not yet known how many Facebook users there are overall in Pennsylvania.
It's worth noting that despite the apocalyptic language of Cambridge Analytica's statements, United Kingdom reports indicate that another "data processing" business, Emerdata Ltd., has been registered at the same address as Cambridge parent company SCL Elections, with Emerdata and Cambridge Analytica sharing several managers and investors. CA's British parent company, SCL Elections Ltd., will also be closing its doors after suffering a major loss in business, in the aftermath of the data scandal.
He has said it was a mistake to rely on Cambridge Analytica to delete tens of millions of Facebook users' data and apologised for the "major breach of trust". However, CA did not destroy the data, despite having claimed to do so, the Independent reported.
In a statement issued last night, the firm denied the claims, saying that its activities were not only legal, but also widely accepted as a standard component of online advertising in both the political and commercial arenas. Cambridge Analytica sought information on Facebook to build psychological profiles on a large portion of the USA electorate.
It blamed a "siege of media coverage" for driving away customers, meaning the company's continued operation was no longer viable, leaving it "with no realistic alternative to placing the company into administration". This practice raised questions about whether the company complied with federal election law that limits the roles played by non-U.
The controversy has triggered a groundswell of criticism, investigations into both Cambridge Analytica and Facebook around the world, multiple hearings in the U.S. Congress and the potential for fines and other penalties. Facebook was asked to list out the security architecture proposed to be created "so that data concerning Indians are not pilfered or manipulated again for extraneous purposes including to influence the elections". Nix was suspended by Cambridge Analytica's board after Britain's Channel 4 published an undercover camera investigation in which he was caught discussing dirty election tricks like using sex workers to seduce and then blackmail candidates.