Kanye West, who now goes by Ye and is seen in this November 2019 photo. (Evan Agostini/Invision/The Associated Press)

American rapper Kanye West, also known as Ye, has agreed in principle to buy social media platform Parler, a popular site among U.S. conservatives, parent company Parlement Technologies told Reuters.

Parler, a Nashville-based company, reportedly valued at about $56 million to date, said it expects the deal to close during the fourth quarter of 2022.

In an interview with Reuters Monday, Parlement Technologies Chief Executive Officer George Farmer said the deal talks with Ye began recently, after Paris Fashion Week.

Rapper Ye has been locked out of several social media platforms for uttering antisemitic remarks.

On October 3 in Paris, Ye, who is also a fashion designer, wore a T-shirt labeled with the phrase: “White Lives Matter.”

Four days later, he made anti-Semitic Instagram posts about several Jewish groups, prompting Meta Platforms – Facebook and Instagram to lock Ye out for the posts.

Ye then moved to Twitter, posting on Oct. 8 for the first time in two years; before Twitter soon locked his account.

The Parler deal came together quickly, CEO Farmer said, and Parlement was “presented with an opportunity.”

“The motivating factor with him was the discussion about Instagram blocking him.” Farmer declined to comment on whether the deal includes a break-up fee if either party terminates it.

Farmer said Monday he is not concerned about Parler’s advertising prospects under Ye.

“I see this as a warning shot across the bow for companies that want to de-platform people,” Farmer said. “There are increasingly advertisers who want to advertise to this space.”

Reuters news agency has learned that Ye has joined Parler on Monday and had about 91 followers at the time of the announcement. He now has 3,900.

“In a world where conservative opinions are considered to be controversial we have to make sure we have the right to freely express ourselves,” he is quoted by Reuters as saying.

Launched in 2018, Parler has been reinstated on Google and Apple Inc’s app stores after being removed following the U.S. Capitol riots in January 2021.

Parler is one of several social media platforms, including Gettr, Gab and Truth Social, that position themselves as free-speech alternatives to Twitter Inc.

Last month, Parler created a new parent company, Parlement Technologies Inc, as part of an overhaul.