The app collected data on 87 million Facebook users, even those who did not download the app themselves.
The company's recently appointed CEO Julian Wheatland told staffers that the company had evaluated all options and no longer saw a way forward.
We will be examining closely the details of the announcements of the winding down of Cambridge Analytica and the status of its parent company.
In a statement Wednesday, Facebook said, "This doesn't change our commitment and determination to understand exactly what happened and make sure it doesn't happen again".
While Facebook had previously admitted that almost 5.62 lakh people in India were "potentially affected" by the data breach incident, Cambridge Analytica had claimed that it does not have any Facebook data on Indian citizens.
Facebook has informed the government that "only 335 people" in India were directly affected through the installation of an app and another 562,120 people were "potentially affected" as friends of those users.
The contract between GSR and SCL Elections stated that the predictions made by this model were comparable to, if not more accurate than, those made by close acquaintances of test groups.
Meanwhile, British authorities today said that their investigation into the data breach scandal involving Cambridge Analytica will not be impacted with the shutdown of the political consulting firm. Facebook and Dr. Kogan had a close relationship, with Facebook sharing aggregate user data to feed into GSR models.
Cambridge Analytica has been linked to Donald Trump's 2016 presidential campaign.
"We need to get to the bottom of how personal data is used to target the public and target individuals", Ms Denham said. In addition, Jennifer and Rebekah Mercer, the daughters of businessman Robert Mercer who created and funded Cambridge Analytica, are Emerdata directors. It sought information on Facebook to build psychological profiles on a large portion of the USA electorate, media reports said.
Over the past several months, Cambridge Analytica has been the subject of numerous unfounded accusations and, despite the company's efforts to correct the record, has been vilified for activities that are not only legal, but also widely accepted as a standard component of online advertising in both the political and commercial arenas. However, CA did not destroy the data, despite having claimed to do so, the Independent reported.
It's worth noting that despite the apocalyptic language of Cambridge Analytica's statements, United Kingdom reports indicate that another "data processing" business, Emerdata Ltd., has been registered at the same address as Cambridge parent company SCL Elections, with Emerdata and Cambridge Analytica sharing several managers and investors.