Cambridge Analytica, the voter-profiling firm responsible for harvesting the data of 87 million Facebook users, filed for Chapter 7 bankruptcy in the U.S. on May 17. The company experienced a huge drop in business since the scandal and has now admitted that it is “no longer viable” to operate.
Shutting down its U.S. operations, however, will not stop the investigations into the incident by officials in the U.S. and Europe. The FBI and Department of Justice have already began looking into the company.
The development might come as a relief to the majority of Americans (97%) who see privacy as a number one priority, according to a 2017 Harris Poll.
Facebook still has to work on rebuilding trust with users, a number of whom think less of the company’s reputation and leadership. Shortly after news of the data leaks broke, the number of people who said Facebook had a positive reputation dropped from 45% in the Harris Poll’s annual Reputation Quotient survey (administered in December and January 2017) to 35% in a new March 2018 study the Harris Poll conducted for Fast Company.
Zuckerberg and top-level employees also came under severe scrutiny as the March 2018 survey showed a dip in the public’s perception of Facebook’s leadership. The number of people who said Facebook had an excellent leadership fell from 45% in the RQ study to just 22% in the Fast Company-Harris poll.