Jun 5, 2018
Cambridge Analytica chief accused of taking $8m before collapse
Investors who backed a rebranding of Cambridge Analytica are in a stand-off with former chief executive Alexander Nix after he allegedly withdrew more than $8m from the scandal-hit data firm shortly before it collapsed. They said Emerdata, a company set up last year to acquire and rebrand Cambridge Analytica and a related company, SCL Group, had raised $19m from powerful international investors in January to expand the company's services and bid for more commercial work. Mr Nix, who was suspended from Cambridge Analytica before the company closed, will appear before British lawmakers on Wednesday to testify about his role in the company's harvesting the information of tens of millions of Facebook users without consent. According to several insiders, most of the company's employees have been dismissed without severance pay after Cambridge Analytica and a web of related entities were wound up over the past month. People close to the company said Cambridge Analytica was faced with large legal bills and press relations fees after it attempted to defuse the crisis by launching a website intended to explain the "Facts behind the Facebook" story.
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