SINGAPORE (May 7): Cambridge Analytica, the firm embroiled in a controversy over its handling of Facebook user data, and its British parent SCL Elections, are shutting down immediately after suffering a sharp drop in business, the company said on May 2.

The company will begin bankruptcy proceedings, it said, after losing clients and facing mounting legal fees resulting from the scandal over reports the company harvested personal data about millions of Facebook users beginning in 2014.

“The siege of media coverage has driven away virtually all of the company’s customers and suppliers,” the statement said.

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