Cambridge Analytica shuts down: How Facebook weathered the data theft storm

Cambridge Analytica and parent firm SCL Elections announced shutting down after Facebook data scandal and would file for insolvency in Britain and US. Here are some of its damage-control steps

British marketing analytics firm Cambridge Analytica on Wednesday announced that it, along with its parent firm SCL Elections Ltd, was shutting shop and would file for insolvency in Britain and the US. The firm's business took a hit after it emerged that the company had improperly obtained data of 87 million Facebook users on behalf of political clients, including, allegedly, the present US President Donald Trump.

Even as the data scandal led to the closure of Cambridge Analytica, Facebook has managed to duck the heat, thanks to its smart damage-control moves. Last week, the company posted better than expected first-quarter