Topline
Parler—the right-wing social media platform that gained traction after former President Donald Trump was kicked off Twitter and followers flocked to the conservative alternative—is temporarily shutting down after it was sold to a new buyer Friday, it announced.
This illustration picture shows social media application logo from Parler displayed on a smartphone … [+]
Key Facts
Parlement Technologies Inc., the parent company of Parler, agreed to sell the company to Starboard, which in a statement said it plans to revamp the platform.
Ryan Coyne, CEO of Starboard, said he plans to integrate Parler into the existing audience at other Starboard entities like American Wire News and BizPac Review.
The app will be unavailable as it undergoes a “strategic assessment” but when it relaunches the company said it plans to “serve marginalized or even outright censored communities,” adding that the new app could be a home for “unsupported online communities,” away from regulations implemented at other companies, Starboard said.
The terms of the acquisition will not be made public, the company said.
Key Background
Founded in 2018, Parler became a popular Twitter alternative for “free speech” conservatives like conspiracy theorist Alex Jones and followers of the former president after he left office. The app faced intense criticism after the January 6 attack on the U.S. Capitol, when it was alleged some people used Parler to communicate plans for the riot. Parler made headlines again in 2022 after it was reported West planned to buy the app. The deal ultimately fell through a few months later because of West’s financial difficulties.
Tangent
Parler has faced some competition in recent years after Trump launched his own social network called Truth Social in 2021. It was suggested in an investor presentation that the app would attract 81 million users by 2026, but Truth Social is nowhere near that target. Right now the app has an estimated 5 million users. While Trump has publically championed the app as a success, behind closed doors he’s bleeding money. Since the fall, he’s lost $550 million from his net worth because of his social media business.
Further Reading
Kanye West Is Buying Right-Wing Social Media Platform Parler (Forbes)
Parler’s Popularity Plummets As Data Reveals Little Appetite For Returning ‘Free Speech’ App Favored By Conservatives (Forbes)
Conservative Social Media App Parler Is Pretty Much Dead (Forbes)
Source: https://www.forbes.com/sites/anafaguy/2023/04/14/right-wing-platform-parler-linked-with-kanye-alex-jones-and-jan-6–sold-shuts-down-for-now/