The company announced on Thursday that the rapper formerly known as Kanye West will no longer acquire Parler, the alternative social media platform favored by conservatives, including some far-right extremists. Legally, West has changed his name to Ye.
Parler tweeted that the decision to abandon the deal was mutual.
Parler’s parent company, Parlement Technologies, issued the following statement: “We have mutually agreed with Ye to terminate the sale of Parler. Mid-November, this decision was made in the best interest of both parties. Parler will continue to pursue future growth and platform evolution opportunities for our thriving community.”
CNN has reached out for comment to a representative of Ye.
CNN was told by a source familiar with the situation that Ye’s ongoing business troubles played a role in the decision.
Due to his antisemitic remarks, Ye has lost a number of lucrative business deals in recent weeks. In October, Adidas announced that it had terminated its partnership with Ye. Additionally, partnerships with Gap and Balenciaga have ended. And earlier this week, Ye claimed on a conservative podcast that the Internal Revenue Service has frozen a number of his accounts due to a $50 million unpaid tax bill.