American rapper Kanye West, now known as Ye, has agreed to buy Parler, a social media platform popular among conservatives in the United States, according to parent company Parlement Technologies on Monday.

Parler, based in Nashville, has raised approximately $56 million to date and expects the transaction to close in the fourth quarter of 2022. It didn’t provide a deal value.

Parler, which debuted in 2018, has been re-released on Google and Apple‘s App Stores after being removed following the January 2021 riots at the United States Capitol. Parler is one of several social media platforms, such as Gettr, Gab, and Truth Social, that position themselves as alternatives to Twitter for free speech.

As part of an overhaul, Parler set up a new parent company, Parlement Technologies Inc, last month.

On October 3, Ye, a fashion designer, wore a T-shirt with the phrase “White Lives Matter” in Paris. Four days later, he made anti-Semitic Instagram posts, which were condemned by several Jewish groups. For the posts, Meta Platforms, which owns Instagram and Facebook, locked Ye out of his Instagram account.

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

According to CEO George Farmer, the Parler deal came together quickly, and Parlement was “presented with an opportunity.”

“The motivating factor with him was the discussion about Instagram blocking him.” Farmer would not say whether the agreement includes a break-up fee if either party terminates it.

Ye ended his partnership with Gap in September, and Adidas, the German sporting goods company, announced on October 6 that it is reviewing its business relationship with the rapper.

Farmer stated on Monday that he is not concerned about Parler’s advertising opportunities 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.”

Ye showed up to have joined Parler on Monday and had approximately 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 said in a statement.

According to Farmer, Parler has 16.5 million registered users. According to Apptopia, the platform has been installed 11.7 million times since its founding, with an estimated 40,000 daily active users.