The social media platform Parler, which is popular among conservatives. was acquired by the hedge fund Starboard and will temporarily shut down, ABC News reported.
From ABC News: The acquisition comes months after the failure of a bid for the app’s parent company, Parlement Technologies, undertaken by Ye, the rapper formerly known as Kanye West.
Starboard pulled down the app as part of a “strategic assessment” but plans to relaunch the platform, the company said in a statement.
In its statement, Starboard said that a “Twitter clone just for conservatives” is not a viable business model.
“We at Starboard see tremendous opportunities across multiple sectors to continue to serve marginalized or even outright censored communities,” the company added.
“Parler’s large user base and additional strategic assets represent an enormous opportunity for Starboard to continue to build aggressively in our media and publishing business,” Ryan Coyne, CEO of Starboard, said.
“The team at Parler has built an exceptional audience and we look forward to integrating that audience across all of our existing platforms,” he added.
Read the full report over at ABC News.
