Kanye West agrees to buy social media app Parler

American rapper Kanye West, better known as Ye, has agreed in principle to buy Parler, a social media platform popular with US conservatives, parent company Parlement Technologies said Monday.

Nashville-based Parler, which has raised about $56 million to date, said it expects the deal to close in the fourth quarter of 2022. No value was given for the deal. Parler, which launched in 2018, has returned to the Google (NASDAQ:GOOGL) and Apple Inc (NASDAQ:AAPL) app stores after being removed following the US Capitol riots in January 2021. Parler is one of several social media platforms, including Gettr, Gab and Truth Social, that position themselves as a free speech alternative to Twitter Inc (NYSE:TWTR). Last month, Parler formed a new parent company, Parlement Technologies Inc, as part of the overhaul. Parlement Technologies Chief Executive George Farmer told Reuters in an interview on Monday that deal talks with Ye began shortly after Paris Fashion Week. Ye, who is also a fashion designer, wore a T-shirt reading "White Lives Matter" in Paris on October 3. Four days later, he made posts on Instagram that some Jewish groups described as antisemitic. Meta Platforms, which owns Instagram and Facebook (NASDAQ:META), locked Ye's Instagram account because of these posts. Ye then moved to Twitter, posting for the first time in two years on October 8; Twitter locked Ye's account shortly after. CEO Farmer said the Parler deal came together quickly and Parlement was "presented with an opportunity". "What motivated him was the controversy over Instagram blocking him." Farmer declined to comment on whether the agreement includes a break-up fee if either party terminates the deal. Ye ended his partnership with clothing retailer Gap Inc (NYSE:GPS) in September, while German sporting goods maker Adidas (OTC:ADDYY) said on October 6 that it was reviewing its partnership with the rapper. Farmer said Monday that Parler is not worried about advertising prospects under Ye's management. "I see this as a warning shot for companies that want to take people off the platform," Farmer said. "There are more and more advertisers who want to advertise in this space." Ye appeared to have joined Parler on Monday and had about 91 followers at the time of the announcement. He now has 3,900 followers. "In a world where conservative views are considered controversial, we must ensure that we have the right to express ourselves freely," Ye said in a statement. Farmer says Parler has 16.5 million registered users. Research firm Apptopia estimates that the platform has been installed 11.7 million times since its launch and has an estimated 40,000 daily active users. Forbes estimates Ye's net worth at $2 billion. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!