Cambridge Analytica late Thursday filed for Chapter 7 bankruptcy after months of being at the center of the Facebook data breach scandal.
The bankruptcy petition was submitted to the U.S. Bankruptcy Court Southern District of New York and was signed by Rebekah and Jennifer Mercer, the two daughters of billionaire Robert Mercer.
The Mercers, the main financial investors of Cambridge Analytica, were major backers of President Trump’s campaign.
Cambridge Analytica LLC listed its assets in the range of $100,001 to $500,000 and liabilities in the range of $1 million to $10 million, Reuters reported.
Allegations emerged that the political consultancy and research firm improperly obtained and used 87 million Facebook users’ personal information.
Trump’s 2016 campaign hired Cambridge Analytica, and some reports claim the firm helped contribute to Trump winning the election through targeted Facebook ads where users’ information was obtained through unruly means.
[Also read: Cambridge Analytica under investigation by Justice Department, FBI]
Cambridge Analytica and its parent company SCL Elections Ltd said earlier in May, after suffering huge financial loss, that it would cease operation immediately and begin bankruptcy proceedings.
