Cambridge Analytica, the data firm at the centre of the Facebook privacy scandal, has filed for bankruptcy.
The company filed for voluntary Chapter 7 bankruptcy in a New York court late on Thursday after being buried by legal fees and lost business, according to the Daily Mail.
Cambridge Analytica LLC listed assets as about US$100,001 ($144,615) to US$500,000 and liabilities in the range of US$1 million to US$10m.
SCL Group, parent company of Cambridge Analytica, is also closing in the wake of rising legal costs in the Facebook investigation and loss of clients.
The company admitted making mistakes over the misuse of data harvested from Facebook accounts.
Suspended boss Alexander Nix will appear before the British Parliament's media committee on June 6 to be grilled as it investigates the scandal.
The row over the improper use of data on 87 million Facebook users by Cambridge Analytica in President Donald Trump's 2016 US election campaign, has hurt the shares of the world's biggest social network and prompted multiple official investigations.
Cambridge Analytica employees were told the firm would be closing during a conference call with all staff.
The company said it had "unwavering confidence that its employees have acted ethically and lawfully" but "the siege of media coverage has driven away virtually all of the Company's customers and suppliers."
"As a result, it has been determined that it is no longer viable to continue operating the business, which left Cambridge Analytica with no realistic alternative to placing the Company into administration," it say earlier this month.
Staff lamented the firm's end by listening to songs such as 'The End' by The Doors, and 'Help!' by The Beatles, according to US website Gizmodo.
A sign belonging to the firm outside its London offices has already been taken down.
The firm said it was the subject of "numerous unfounded accusations" and vilified despite its attempts to correct the record.
It claimed its activities were "not only legal, but also widely accepted as a standard component of online advertising in both the political and commercial arenas."
Cambridge Analytica added it had "unwavering confidence" that its employees acted ethically and lawfully, which was supported by the report of independent investigator Julian Malins.
"The siege of media coverage has driven away virtually all of the company's customers and suppliers," it said.
"As a result, it has been determined that it is no longer viable to continue operating the business, which left Cambridge Analytica with no realistic alternative to placing the company into administration."