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Logo of 'Cambridge Analytica' is seen on the screen of an iPhone. Photo: Chesnot/Getty Images

Cambridge Analytica has announced it's closing operations Wednesday and has filed for bankruptcy in the wake of revelations that it misused Facebook data to build a system to predict and influence choices at election polls.

The details: The Wall Street Journal, which first reported the closure, said this comes as the company is losing clients and facing growing legal fees in the ongoing probe over the misuse of Facebook data. The company reportedly told employees to return their computers.

The backdrop: The data firm, which worked for President Trump’s 2016 campaign, faced scrutiny after investigations from The New York Times and The Observer revealed it had improperly used 50 million Facebook profiles of U.S. voters without authorization.

The closure comes more than a month after the company suspended CEO Alexander Nix following a report alleging that the firm used bribery and prostitution to entrap politicians in compromising situations. The firm also launched a probe to determine if it had engaged in wrongdoing.

  • Business Insider reported in March that some major players behind Cambridge Analytica have created a new company with Nix as its director and U.S. businessman, and staunch Trump supporter Erik Prince as chairman. Citing public filings at Britain's Companies House, the company, Emerdata, was incorporated last August, per Business Insider. The company's mission is unclear.

Go deeper

Updated 3 hours ago - World

Biden reviews U.S. arms deals with Saudi Arabia and UAE

Trump struck several large arms deals with Mohammed bin Salman (L) and Saudi Arabia. Photo: Kevin Dietsch-Pool/Getty Images

The Biden administration has put on hold two big arms deals with Saudi Arabia and the United Arab Emirates which were approved in the final weeks of the Trump administration, a State Department official told Axios.

Why it matters: The sales of F-35 jets and attack drones to the UAE and a large supply of munitions to Saudi Arabia will be paused pending a review. That signals a major policy shift from the Trump era, and may herald sharp tensions with both Gulf countries.

Trump supporter found with pipe bombs accused of plot to attack Democrats

Five improvised explosive devices that the FBI says "were fully operational and could cause great bodily harm or injury if handled improperly." Photo: FBI/Justice Department

The FBI believes California Gov. Gavin Newsom (D) and the Bay Area headquarters of Twitter and Facebook were targets of a man facing federal explosives charges, according to a criminal complaint.

Driving the news: Prosecutors charged Ian Benjamin Rogers after finding weapons including five pipe bombs, 49 guns and thousands of rounds of ammunition following a Jan. 15 search of his Napa County home and auto repair business. His alleged goal was to ensure former President Trump remained in office.

7 hours ago - Health

Fauci: COVID vaccine rollout needs to prioritize people of color

Anthony Fauci. Photo: Alex Wong via Getty Images

Infectious disease expert Anthony Fauci highlighted the need to address racial disparities in the COVID-19 vaccination process, per an interview with The New England Journal of Medicine on Wednesday.

What he’s saying: "I think that's the one thing we really got to be careful of. We don't want in the beginning ... most of the people who are getting it are otherwise, well, middle-class white people."