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Kanye is buying Parler. Now what?
01:04 - Source: CNN
Washington CNN Business  — 

The rapper formerly known as Kanye West will no longer be acquiring Parler, the alternative social media platform favored by conservatives including some far-right extremists, the company announced on Thursday. West has legally changed his name to Ye.

The decision to abandon the deal was mutual, Parler tweeted.

In a statement, Parler’s parent, Parlement Technologies, said it “has mutually agreed with Ye to terminate the intent of sale of Parler. This decision was made in the interest of both parties in mid-November. Parler will continue to pursue future opportunities for growth and the evolution of the platform for our vibrant community.”

CNN has reached out to a representative for Ye for comment.

Ye’s ongoing business difficulties were a factor in the mutual decision, a person familiar with the matter told CNN.

In recent weeks, Ye has seen a number of lucrative business deals evaporate over his antisemitic remarks. In October, sportswear maker Adidas said it had ended its partnership with Ye. Other partnerships, including with Gap and Balenciaga, have also ended. And earlier this week, Ye claimed on a right-wing podcast that the Internal Revenue Service has frozen several of his accounts over an unpaid tax bill worth $50 million.

Ye’s intent to purchase Parler was first announced in October.