Cambridge Analytica is shutting down amid Facebook data-sharing scandal

An Illustration of Facebook logo, on May 9, 2016. Facebook won a court case in China against Zhongshan Pearl River Drink Factory for using the name face book. The result of the case is said to show that China is easing its attitude towards the social network which is officially banned in the country. (Photo by Jaap Arriens/NurPhoto via Getty Images)
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Cambridge Analytica, the firm at the centre of the Facebook data-sharing scandal, is closing down all its offices.

Last month it was revealed that up to 87 million users' data was improperly shared with political consulting firm Cambridge Analytica, allegedly potentially affecting the outcomes of both the UK's Brexit referendum and the 2016 US presidential election.

On Wednesday it released a statement explaining it's been forced to close.

"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.

"Despite Cambridge Analytica's unwavering confidence that its employees have acted ethically and lawfully… the siege of media coverage has driven away virtually all of the Company's customers and suppliers.

"As a result, it has been determined that it is no longer viable to continue operating the business, which left Cambridge Analytica with no realistic alternative to placing the Company into administration."

The statement says it has been an "extremely painful" decision, and many of the company's "dedicated employees… learned today that they likely would be losing their jobs".

Newshub.