Parler, a social media app, has been purchased by Kanye West

Oct 17 (Reuters) – Parent company Parlement Technologies said on Monday that U.S. musician Kanye West, who now goes by Ye, has reached an agreement in principle to buy Parler, the social media site favored by American conservatives.

The purchase is expected to close in the fourth quarter of 2022, according to Nashville-based Parler, which has raised an estimated $56 million to date. It provided no real value. Released in 2018, the Parler app, which was pulled by Google Play and Apple Inc.

Shopping after the January 2021 US riots of the Capitol. Gettr, Gab, and Truth Social are a few other social media sites that tout themselves as rivals to Twitter Inc. for Freedom of Speech (TWTR.N). As part of an overhaul, Parler created a new parent company, Parlement Technologies Inc., last month.

Business talks with Ye began recently, after Paris Fashion Week, according to Parlement Technologies CEO George Farmer in an interview with Reuters on Monday.

Yes, a fashion designer wearing a “White Lives Matter” T-shirt in Paris on October 3; four days later, he posted comments on Instagram that some Jewish organizations considered anti-Semitic. Ye’s Instagram account was restricted due to posts by Instagram and Facebook owner Meta Platforms ( META.O ).

Kanye West Buys Conservative Social Media App Parler
Kanye West Buys Conservative Social Media App Parler

Ye then moved to Twitter, where he made his first announcement in two years on October 8, Twitter quickly locked his account. According to CEO Farmer, the deal with Parlement was done quickly and Parlement was “given an opportunity”.

Farmer declined to comment on whether the agreement has a breakup fee if either party terminates it, saying the conversation about the Instagram ban was the “motivating factor” for him.

Ye ended her collaboration with clothing retailer Gap Inc. ( GPS.N ) in September, and German sporting goods maker Adidas ( ADSGn.DE ) announced on Oct. 6 that it was reviewing its business relationship with the rapper.

Farmer said Monday he’s not worried about Parlor’s chances of advertising under Ye. More advertisers want to advertise in this space, Farmer said, so I see this as a warning shot for businesses looking to deplatform individuals.

At the time of the announcement, Ye appeared to have joined Parler on Monday and had approximately 91 followers. It currently has 3,900. In a statement, he said: “We need to make sure we have the right to openly express ourselves in a society where conservative beliefs are considered controversial.

Farmer claims 16.5 million people have signed up for Parler. The platform has reportedly had 11.7 million installs since its introduction and Apptopia believes 40,000 people use it every day. He is estimated to be worth $2 billion by Forbes.

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