In a press release, Parlement Technologies, said that the artist would take over the company through a financial investment.
According to the Wall Street Journal, the company noted that the acquisition would allow Parler to expand its role in creating an environment that is inclusive.
The acquisition follows Kanye West's antisemitic statements over the weekend. He referred to Jewish media as "Jewish media," while also blaming Jews for various other issues in his life.
During an interview on the Revolt TV's "The Drinks Champs" podcast, West discussed how the Jewish media has prevented him from speaking out. He also said that he was looking to start his own outlet.
In a statement released by Parler, West noted that he wanted to make sure that people have the right to freely express themselves.
According to Forbes, West's net worth is reportedly around $2 billion. Most of his wealth is derived from his various ventures, such as his clothing line and his partnership with Adidas and Gap.
George Farmer, the company's chief executive, noted that the acquisition would have a significant impact on the way people think about free speech. He said that West would no longer have to worry about being removed from social media.
The companies have signed a memorandum of understanding that provides for the acquisition of Parler. They expect to complete the deal in the fourth quarter of 2022.
Last week, West's Instagram and Twitter accounts were temporarily suspended by a spokesperson for Facebook, which is the parent company of Instagram. He said that the rapper had posted messages that violated the company's policies.
Although his Twitter account is still active, West has been prohibited from posting on the platform for an unspecified period of time. Earlier this month, he was criticized for wearing a T-shirt that featured White Lives Matter.
The preceding article is a summary of a report from Breitbart.