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Kanye West Accepts to Purchase the Social Media App Parler

Oct. 17, 2014 (Reuters) – Parent firm Parlement Technologies announced on Monday that American rapper Kanye West, now known as Ye, has reached a preliminary agreement to purchase Parler, the social networking site favored by American conservatives.

The purchase is anticipated to finalize in the fourth quarter of 2022, according to Parler, a company based in Nashville that has funded around $56 million to date. It did not provide a deal value. Parler, which debuted in 2018, has been put back online after being taken down by Google and Apple Inc.

One of The Social Media Networks that Position Itself as A Free-Speech Rival

Riots in the Capitol in January 2021. One of the social media networks that position itself as a free-speech rival to Twitter Inc. is Parler, along with Getty, Gab, and Truth Social (TWTR.N).

Kanye West Accepts to Purchase the Social Media App Parler

As part of an overhaul, Parler established a new parent company, Parlement Technologies Inc., last month. In an interview with Reuters on Monday, Parlement Technologies Chief Executive Officer George Farmer stated that the talks with Ye about the acquisition started just recently, following Paris Fashion Week.

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He posted on Instagram that Was Deemed Anti-Semitic

Yes, a fashion designer, wearing a “White Lives Matter” T-shirt in Paris on October 3; four days later, he posted on Instagram that was deemed anti-Semitic by a number of Jewish organizations. Ye’s Instagram account was locked because of the posts by Meta Platforms (META.O), which also owns Facebook and Instagram.

Kanye West Accepts to Purchase the Social Media App Parler

Once on Twitter, Ye made his first post there in two years on October 8; shortly after, Twitter locked his account. CEO Farmer said the Parler deal came together quickly and that Parlement was “presented with an opportunity.” “The motivating factor with him was the discussion about Instagram blocking him,” Farmer said of Parlement’s motivation. Farmer declined to comment on whether the agreement contains a break-up fee in the event that either party terminates it.

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It Is Examining Its Business Connection with The Rapper

While German sporting goods manufacturer Adidas (ADSGn.DE) announced on October 6 that it is examining its business connection with the rapper, Ye ended his collaboration with apparel retailer Gap Inc (GPS.N) in September.

I see this as a warning shot across the bow for companies that want to de-platform people, Farmer said on Monday. “There are increasingly advertisers who want to advertise to this space,” Farmer added. Ye seemed to have joined Parler on Monday and had about 91 followed rs at the time of the announcement. Now he has 3,900.

Kanye West Accepts to Purchase the Social Media App Parler

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In a statement, he said, “We have to make sure we have the freedom to freely express ourselves in a society where conservative beliefs are regarded to be controversial. He estimates Parler has 16.5 million registered members. According to research company Apptopia, the site has received 11.
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7 million installations since going live, with 40,000 people actively using it every day.
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Ye’s net worth is estimated by Forbes to be $2 billion.

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