Superstar rapper Kanye West, now known as “Ye”, has agreed in principle to buy conservative social media platform Parler.
Parler is one of several right-wing-friendly platforms that have emerged during the Donald Trump administration. In addition, there is Gettr, run by former Trump advisor Jason Miller, and Trump’s own app, Truth Social.
According to CNBC, the deal’s financial terms were not disclosed. Previously, the company said it had secured $56 million in outside funding.
A cloud infrastructure built in-house by Parler has helped the company reduce its reliance on other companies’ technologies. It set up a new parent company in September called Parlement Technologies to provide its own cloud service for online businesses.
It is expected that Ye and Parler’s parent company will close the deal before the end of the year, according to the company. As part of the deal, Parler will get technical support from its parent company, as well as use of its private cloud.
According to reports, Ye has a net worth of $2 billion. He made much of his fortune from his Yeezy sneakers brand and Adidas and Gap partnerships.