Recently Facebook and its owner Mark Zuckerberg were in the news for all the wrong reasons when reports of Cambridge Analytica’s improper usage of customer data was revealed. Reportedly, the data was used in election campaigns of POTUS Trump including many other worldwide allegations.

Following the aftermath of the data scandal, Cambride Analytica has filed for insolvency. This comes after the company saw a drastic drop in its business and thus has decided to cease all its operations. “The siege of media coverage has driven away virtually all of the company’s customers and suppliers,” a statement from the firm reads.

It is said that Cambridge Analytica along with its parent company SCL Elections will begin bankruptcy proceedings in the United States. It is also worth mentioning here that the firm will shutting down its operations effective from Wednesday.