Latest News

Ye to Buy Controversial Social Networking App Parler

0

S&P Futures

3,711.50

+22.25(+0.60%)

 

Dow Futures

30,384.00

+154.00(+0.51%)

 

Nasdaq Futures

11,185.25

+75.00(+0.68%)

 

Russell 2000 Futures

1,751.70

+9.70(+0.56%)

 

Crude Oil

85.29

-0.17(-0.20%)

 

Gold

1,655.30

-8.70(-0.52%)

 

Silver

18.59

-0.13(-0.69%)

 

EUR/USD

0.9833

-0.0012(-0.12%)

 

10-Yr Bond

4.0150

+0.0050(+0.12%)

 

Vix

31.37

-0.65(-2.03%)

 

GBP/USD

1.1338

-0.0024(-0.21%)

 

USD/JPY

148.8900

-0.0660(-0.04%)

 

BTC-USD

19,530.20

+332.20(+1.73%)

 

CMC Crypto 200

444.18

+8.72(+2.00%)

 

FTSE 100

6,920.24

+61.45(+0.90%)

 

Nikkei 225

26,954.37

+178.58(+0.67%)

 

(Bloomberg) — Ye, formerly known as Kanye West, has agreed to buy Parler, a social media platform that has been embraced by conservatives who departed Twitter over allegations of political censorship.

Most Read from Bloomberg

Forecast for US Recession Within Year Hits 100% in Blow to Biden

S&P 500 Bounces Off Make-Or-Break Technical Level: Markets Wrap

The Time to Buy the Dip Is Fast Approaching — for One Country

Russia Hits Ukrainian Capital Kyiv With Kamikaze Drones

Goldman Shakes Up Leadership Ranks in Yet Another Overhaul

Parlement Technologies, the parent company behind Parler, announced Monday that it plans to sell the social media platform to the hip-hop icon for an undisclosed amount. The deal would include technical support from Parlement, such as cloud services.

Ye is buying his own social media platform at a time when the biggest tech firms are struggling with how to control and manage some of their largest users, and marks the continuing development of alternative social media sites.

“In a world where conservative opinions are considered to be controversial we have to make sure we have the right to freely express ourselves,” Ye said in a statement on Monday.

Ye has recently faced restrictions from the major social media platforms for breaking content policies. Twitter removed an antisemitic tweet from Ye last week and locked his accounts, just a day after he returned to the platform for the first time in nearly two years. Instagram has also deleted posts.

Parler was also banned from the app stores of both Google and Apple Inc after violating their policies in January 2021 following the US Capitol insurrection. The app returned to the Apple platform in May 2021, but only returned to Google’s main app store last month.

Parler is among a growing group of so-called alt-media sites that aim to give conservatives a forum to share views they feel are silenced on mainstream outlets. But the platforms have struggled at times to fulfill their users’ expansive definition of free speech while complying with app store policies.

Last month, Rumble Inc., the conservative video network backed by billionaire Peter Thiel and venture capitalist and Republican Senate candidate J.D. Vance, became a publicly traded company through a deal with a blank-check firm. The shares rose as much as 40% during the company’s first day of trading and it is now worth $2.6 billion.

Tesla Inc. Chief Executive Officer Elon Musk, who welcomed the rapper back to Twitter just hours before Ye’s account was locked, has decided to proceed with his offer to purchase Twitter after months of back-and-forth negotiations. Musk has said he will prioritize free speech on Twitter and criticized its decision to ban individuals such as former President Donald Trump for violating its rules.

Trump’s rival platform Truth Social has been available in the Apple App Store since February but has yet to launch in the Google Play store.

Parler Chief Executive Officer George Farmer is married to Candace Owens, a conservative influencer, and is the son of Michael Farmer, who is the founder of metal trader Red Kite Capital Management, a member of the U.K’s House of Lords and former treasurer of the Conservative Party.

It is hard to gauge the early success of the alt-tech rivals to Instagram and Twitter. Parler was downloaded about 100,000 times according to data from Sensor Towner. In comparison, Instagram was downloaded about 57 million times.

It is also unclear how Ye intends to finance the deal. An unaudited balance sheet of his finances reviewed by Bloomberg last year showed that he had $122 million in cash and stock, with billions more in other assets such as Yeezy. His Yeezy business made $191 million in royalties from a sneaker deal with Adidas in 2020, Bloomberg previously reported.

However, the artist has also launched high profile fights via Instagram with his corporate partners, including Adidas and Gap. Ye has also recently caused controversy after wearing a shirt at Paris fashion week that said “White Lives Matter.”

Ye’s user profile on Parler, linked from the press release announcing the deal, was created on Monday and as of 11:30 BST had 91 followers.

(Additional context throughout)

Most Read from Bloomberg Businessweek

A Digital Drive to Reform the $11 Trillion Global Gold Market

Exxon’s Exodus: Employees Have Finally Had Enough of Its Toxic Culture

This Is What the Gas Station of the Future Will Look Like

How Gamers Beat NFTs

Taking ‘Abrasive’ and ‘Nice’ Out of Performance Reviews

©2022 Bloomberg L.P.

Advertisement

Reuters

U.S. Speaker Pelosi’s husband sold Nvidia, Micron options at a loss

U.S. House Speaker Nancy Pelosi’s husband sold call options in chipmakers Micron Technology and Nvidia for a loss of under $1 million, according to a new transparency filing. In a periodic transaction report dated Friday, the senior Democrat disclosed that her husband, financier Paul Pelosi, lost $392,575 in the sale of Micron call options he had purchased in December 2021. The report also showed he sold Nvidia call options bought in July 2021 for a loss of $361,476.

Bloomberg

China Won’t Rush Its Clean Energy Transformation, Xi Says

(Bloomberg) — President Xi Jinping has promised a slow and steady end to the growth of planet-warming emissions in China, with energy security taking top priority as the country contends with a flagging economy and tumult on global fuel markets.Most Read from BloombergRussia Hits Ukrainian Capital Kyiv With Kamikaze DronesNATO-China Tension Over Ukraine Flares at Conference in IcelandPound and UK Bonds Rally; Stocks, Futures Advance: Markets WrapThe Time to Buy the Dip Is Fast Approaching — for

Reuters

More U.S. companies charging employees for job training if they quit

When a Washington state beauty salon charged Simran Bal $1,900 for training after she quit, she was shocked. Not only was Bal a licensed esthetician with no need for instruction, she argued that the trainings were specific to the shop and low quality. Bal’s story mirrors that of dozens of people and advocates in healthcare, trucking, retail and other industries who complained recently to U.S. regulators that some companies charge employees who quit large sums of money for training.

Benzinga

US Eyes Samsung, Taiwan Semiconductor, Qualcomm After Restricting Chinese Semiconductors

The U.S. International Trade Commission decided to investigate Samsung Electronics Co, Ltd (OTC: SSNLF) and Taiwan Semiconductor Manufacturing Company Ltd (NYSE: TSM) for alleged violations in the import and sale of specific semiconductor devices, mobile devices, and components that infringe patents. The regulators will also investigate Qualcomm Inc (NASDAQ: QCOM), Reuters reported. Also Read: China’s Semiconductor Industry ‘Decapitated Overnight’: What ‘Annihilation Looks Like’ Shares in top Ch

Bloomberg

Goldman Shakes Up Leadership Ranks in Yet Another Overhaul

(Bloomberg) — Goldman Sachs Group Inc.’s David Solomon is embarking on his third major reorganization in just four years as chief executive officer — undoing some of the signature moves he made as recently as 2020 and spotlighting a new class of his most senior lieutenants.Most Read from BloombergForecast for US Recession Within Year Hits 100% in Blow to BidenS&P 500 Bounces Off Make-Or-Break Technical Level: Markets WrapThe Time to Buy the Dip Is Fast Approaching — for One CountryRussia Hits

Bloomberg

Ye Says He Bought Parler Because Instagram, Twitter Penalized Him

(Bloomberg) — Ye, formerly known as Kanye West, said he was motivated to acquire the conservative social media service Parler by his belief that existing platforms like Instagram and Twitter are too restrictive when it comes to user speech. Most Read from BloombergForecast for US Recession Within Year Hits 100% in Blow to BidenS&P 500 Bounces Off Make-Or-Break Technical Level: Markets WrapThe Time to Buy the Dip Is Fast Approaching — for One CountryRussia Hits Ukrainian Capital Kyiv With Kamika

Reuters

Surging dollar tests China’s capital controls as cash flees

Cash is leaving China’s financial markets at the fastest clip in years as investors flee a falling currency and sputtering economy, and analysts point to hints that more money is being moved out of the country along back channels in a further sign of flagging confidence. The flows, mostly out of the bond market, reflect the attraction of higher interest rates elsewhere. But their size and signs that they are spreading beyond foreigners’ portfolios highlights fragility in domestic confidence – a potential drag on the yuan in future – and the magnetic effect of a rising U.S. dollar on global capital flows.

Bloomberg

Shale Titan Hamm Ups Continental Offer in Bid for ‘Freedom’

(Bloomberg) — Billionaire wildcatter Harold Hamm boosted his offer for the Continental Resources Inc. stock his family doesn’t already own to $4.3 billion as he seeks “freedom to invest” and buck the disciplined-spending mantra adopted by rival shale drillers.Most Read from BloombergForecast for US Recession Within Year Hits 100% in Blow to BidenS&P 500 Bounces Off Make-Or-Break Technical Level: Markets WrapThe Time to Buy the Dip Is Fast Approaching — for One CountryRussia Hits Ukrainian Capit

The Wall Street Journal

JPMorgan Investment Banking Chair Carlos Hernandez to Retire

JPMorgan Chase executive Carlos Hernandez, the leader of the bank’s investment banking staff and a member of Jamie Dimon’s inner management circle, will retire next year.

Reuters

U.S. lawmakers want to boost oversight of foreign government broadcast sponsorship

A bipartisan group of lawmakers on Monday introduced legislation to strengthen the authority of the Federal Communications Commission to oversee foreign sponsorships of U.S. broadcast TV and radio programs. Democratic Senator Brian Schatz, Republican Senator Marsha Blackburn and Representative Anna Eshoo, a Democrat, proposed giving the FCC authority to compel broadcasters to check foreign media databases to better identify groups sponsoring programming. “Foreign governments shouldn’t be able to hide behind shell companies to fund misinformation and propaganda on American airwaves,” Schatz said.

Autoblog

2024 Cadillac Celestiq: an electric ‘Standard of the World’

2024 Cadillac Celestiq ultra-luxury flagship electric car revealed with enormous size and custom luxury touches to take on Rolls-Royce and Bentley.

: ‘Child care is slipping farther and farther out of reach’: Child-care for two children exceeds housing costs in most states

Previous article

Tesla Could Be a ‘Zombie Stock’ as Interest Rates Rise

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News