In October, Parlement Technologies said it had reached an agreement in principle with Ye for the acquisition of its social media platform Parler, known for its lack of policing of right-wing opinions.
"In response to numerous media inquiries, Parlement Technologies would like to confirm that the company has mutually agreed with Ye to terminate the intent of sale of Parler," the company wrote on Twitter on Thursday. "This decision was made in the interest of both parties in mid-November.
Ye’s Twitter account was blocked following "anti-Semitic" publications. However, his account was reinstated in mid-November after Elon Musk became Twitter's new owner and CEO.
The logo of the social media platform Parler is displayed in Berlin, Jan. 10, 2021
© AP Photo / Christophe Gateau
Parler, which describes itself as a free speech social platform, rose to prominence last year and proved popular among supporters of former US President Donald Trump, who was "canceled" on several platforms including Twitter. Parler attracted over 10 million users after the US presidential election but went offline in January 2021 as Google, Apple and Amazon suspended their services and accused it of hosting content that encourages violence.