Kanye West agreed to buy conservative social-media app Parler just weeks after being kicked off of Twitter (NYSE:TWTR) for making antisemitic comments.
Parlement Technologies announced on Monday that it entered into an agreement in principle to sell Parler, to Ye (formerly known as Kanye West), according to a statement.
"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 said in the statement.
The deal comes as Tesla CEO Elon Musk is set to complete his $44 billion purchase of Twitter (TWTR) by the end of the month after he originally tried to back out of the deal for the social media giant. Musk has already said would bring former President Donald Trump back on the platform after he was kicked off last year and started his own social media app called Truth Social. Trump's social media company is going public through SPAC Digital World Acquisition (DWAC).
Parler and West expect to enter a definitive purchase agreement and expect a close during Q4. The terms of the deal would include ongoing technical support from Parlement and the use of private cloud services via Parlement's private cloud and data center infrastructure.
Last month, Google (GOOGL) agreed to bring conservative-leaning app Parler back to its Play Store. Parler agreed to modify its app to moderate content and remove posts that may incite violence, Google said in a statement at the time. Parler had been banned from the Play Store since January 2021.
The Parler news comes after video platform Rumble (RUM), which some describe as a conservative alternative to YouTube, went public after a de-SPAC last month. Rumble shares have dropped 23% since going public a month ago.