Kanye Says He Wants Trump To Join Parler—Sending Trump's Truth Social SPAC Tumbling

Topline

Controversial rapper Kanye West, the prospective new owner of right-wing social media platform Parler, vowed Monday to break bread with Donald Trump by inviting the fellow billionaire onto his site, while shares of the company aiming to take Trump’s competing Truth Social app public cratered.

Donald Trump and Kanye West hug at the Oval Office in 2018.

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Key Facts

Even though West is becoming Trump’s rival in the world of social media, the billionaire rapper sees no beef: West told Bloomberg he’ll join Truth Social and ask Trump to join Parler when the two dine together this week.

Shares of Digital World Acquisition Corp. (DWAC), the special purpose acquisition company with turbulent plans to merge with Truth Social’s parent Trump Media and Technology Group, fell 8% to $16.11 Monday as a new brash billionaire threw his hat into the conservative social media ring.

West, who was booted from Instagram and Twitter last week after a rash of antisemitic comments, confirmed to Bloomberg his decision to buy Parler directly followed the bans, saying he “knew it was time to acquire my own platform” and “enough was enough.”

DWAC shares are down about 70% this year and previously slid as investors digested what Elon Musk’s pending Twitter takeover would mean for Truth Social’s popularity and as further questions arose about the likelihood of the DWAC-Truth Social merger.

Musk expressed his approval of West’s acquisition in a Monday afternoon tweet, sharing a photoshopped meme of him and West smiling and joining forces, writing, “Fun times ahead!!”

Key Background

Musk, who moved ahead with his $44 billion Twitter purchase earlier this month after initially agreeing to the deal in April, is also surprisingly chummy with his social media foes, vowing to restore Trump’s Twitter account in May and calling West his friend last week amid intensifying backlash toward the rapper. West was diagnosed with bipolar disorder in 2016 and has made numerous incendiary comments on social media in recent months. The 45-year-old threatened his estranged wife Kim Kardashian’s then-boyfriend Pete Davidson, and made several comments this month threatening violence toward Jews and reinforcing the stereotype of Jews holding a disproportionate amount of power. West and Trump became surprise friends while the latter was in office, and West called Trump his “brother” in 2018. The merger between DWAC and Truth Social currently faces several headwinds, and shareholders will hold a vote November 3 on whether or not to approve the deadline for a merger to take place.

Forbes Valuations

We estimate that Musk is worth $217 billion largely due to his stakes in Tesla and SpaceX, both of which he runs as CEO, making him the world’s richest person by a healthy margin. Trump is worth $3.2 billion, thanks to his real estate holdings and Trump Media and Technology Group stake, according to our calculations. West is worth an estimated $2 billion, but his souring relationship with corporate partners may put his billionaire status in jeopardy.

Crucial Quote

“I use social media as my therapist,” West told Bloomberg. Trump told associates West needs professional “help” after his latest antisemitic outbursts, sources told Rolling Stone.

Tangent

Monday was supposed to be the start of a Delaware trial between Musk and Twitter over whether the company could push through the deal as the billionaire waffled, though the legal proceedings were postponed after Musk agreed to move ahead with the deal.