The rapper formerly known as Kanye West will no longer be taking over Parler, the alternative social media platform favored by conservatives, including some far-right extremists, the company announced Thursday. West has legally changed his name to Ye.
The decision to back out of the deal was mutual, Parler tweeted.
In a statement, Parler’s parent company, Parliament Technologies, said it “has agreed in mutual agreement with Ye to terminate the intent to sell Parler. This decision was taken in mid-November in the interests of both parties. Parler will continue to pursue future growth opportunities and platform evolution for our vibrant community.
CNN has reached out to a Ye representative 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 due to his anti-Semitic remarks. In October, sportswear manufacturer Adidas said it had ended its partnership with Ye. Other collaborations, 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 a $50 million unpaid tax bill.
Ye’s intention to buy Parler was first announced in October.