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Per the terms of the deal, Ye and Parler plan to enter into a definitive purchase agreement.
Popular American rapper Ye, formerly Kanye West, has agreed in principle to buy the alt-tech social media service Parler. Ye made moves to purchase the free speech platform after his Twitter and Instagram accounts were locked last week. Both social media platforms locked the accounts after Ye posted anti-Semitic messages. Now, the superstar rapper is buying the conservative social media platform, which describes itself as a “free speech” alternative to mainstream platforms like Twitter.
Parler was at the center of a controversy last year due to its role during the violence against the Capitol building. As a result of this, Google (NASDAQ: GOOG), Amazon (NASDAQ: AMZN), and more tech companies blacklisted the service. However, Google reinstated the app on its Play Store in September. The tech giant claimed that Parler made changes to its content moderation policies.
With his Instagram and Twitter accounts locked, Ye says as he agrees to buy Parler:
“In a world where conservative opinions are considered to be controversial we have to make sure we have the right to freely express ourselves.”
Ye Agrees in Principle to Buy Parler
According to the announcement, the proposed acquisition means Parley has a future to create a non-cancelable ecosystem free for all voices. The CEO of Parliament Technologies, Parler’s parent company, was excited to welcome Ye. While speaking, George Farmer acknowledged the rapper as an advocate for free speech. In his opinion, the new deal between Ye and Parler will impact the world and change perceptions about free speech. He continued:
“Ye is making a groundbreaking move into the free speech media space and will never have to fear being removed from social media again. Once again, Ye proved that he is one step ahead of the legacy media narrative. Parliament will be honored to help him achieve his goals.”
Per the terms of the deal, Ye and Parler plan to enter into a definitive purchase agreement. The parties also expect the deal to close before the end of this year’s fourth quarter. Under the proposed transaction terms, Parliament will offer technical support and the use of private cloud services through Parliament’s private cloud and data center infrastructure.
Ye confirmed to Bloomberg News that Twitter and Instagram’s actions against him prompted him to buy Parler. The American rapper did not reveal the financial details of the deal. Ye is one of the world’s best-selling music artists, with more than 160 million records sold. With a successful career, a thriving Yeezy sneakers brand, and partnerships, his net worth is reportedly about $2 billion. However, his collaboration with Gap is over. Similarly, Adidas is reviewing its business relationship with the songwriter. JPMorgan (NYSE: JPM) has also ended its partnership with Ye.