What actually happens to your data when a startup shuts down?

It is common for an application or business to cease its operations each week, and I find myself asking myself what really happens to all the data that was stored when such a situation arises.

The photographs, messages, credit card information, and other forms of user data end up sitting somewhere in the server. They might say they delete them, sell out to another company, or simply fade away without even saying anything to anyone.

A lot of people might simply hit 'Agree' without being aware that their data can be sold out to other companies through acquisitions or bankruptcy.