Cambridge Analytica files for bankruptcy, Elon Musk drops hints about Tesla's plans and HTC has a launch date for its next phone. All that and more in The Daily Crunch for May 3, 2018.

1. Cambridge Analytica shuts down in light of 'unfairly negative' press coverage

In a press release, the company (which has been in the spotlight for its role in improperly obtaining Facebook user data through a third party) said "unfairly negative media coverage" has "driven away virtually all of the Company's customers and suppliers."

Affiliated company SCL Elections is also declaring bankruptcy — but confusingly, parent company SCL Group isn't. So it's possible that we'll see Cambridge Analytica reemerge in some form under a new name.

2. Elon Musk offers more detail about Tesla's ridesharing network

Musk said that from a technical standpoint, Tesla will be ready by the end of next year. It's not yet clear, however, when Tesla would actually launch the network of autonomous vehicles.

3. Wedding startup Zola just received a lavish gift: $100 million in fresh funding

CEO Shan-Lyn Ma is a former executive with the e-commerce companies Gilt Groupe and Chloe + Isabel who originally started Zola to reinvent the traditional registry process. She now sees an opportunity to eventually address every need a young couple might have.

4. Xiaomi officially files for Hong Kong IPO to raise a reported $10 billion

Xiaomi sells smartphones and smart devices at waiver thin margins, relying on services and efficient use of components to pull in profit. Beyond phones, it operates its own retail business and internet services such as payments and streaming.

5. HTC confirms its newest flagship smartphone will arrive May 23

The company needs this device to be a winner.

6. Spotify misses on revenue in first earnings report with 170M users

Spotify's results were in line with the guidance it provided, but Wall Street was still disappointed.

7. Google Assistant now works with 5,000 smart home devices

With I/O just a matter of days away, Google's gone on the offensive with Assistant. In a blog post this morning, the company is talking up its smart home play in a major way, noting a pretty impressive bump in hardware compatibility.