Sean ‘Diddy’ Combs Sells Majority Stake in Revolt Amid Sex Trafficking and Assault Allegations
Sean “Diddy” Combs sold his majority stake in Revolt, a media company he founded focused on creators shaping Hip Hop and youth culture.
The rapper and media mogul, who served as Revolt’s former chairman, has fully redeemed and retired his shares in the company. Revolt did not disclose how much Combs was paid for the stake.
The company, which revealed the news in a Tuesday blog post, said that its new ownership structure will give Revolt’s current employees an equity stake, making them its largest shareholder group. It added that the allocation of equity participation will roll out over the next few months.
“We are stepping into the most revolutionary chapter yet for Revolt. When I joined in 2020, I quickly realized two things: Our mission is bigger than any individual, and we are the largest engine for transformative change that just so happens to be a media company,” Revolt CEO Detavio Samuels said in a statement. “Over the past four years, this engine has created countless opportunities to build wealth for our community and empower creators and entrepreneurs globally, which includes our reinvestment of $50 million annually into the Black community, funding Black entrepreneurs with no exchange of equity, and ensuring creators have upside participation in the content IP we co-create.”
Samuels added that the company is “most proud of the transformation that our teams will experience as they shift from being employees to owners of the business they are helping to build.”
“Black culture is global culture, and Revolt’s superpower is being the home for creators that move culture globally, allowing us to build the most powerful storytelling engine for Black voices. We succeed because we have a dedicated team who has been committed to advancing our purpose, our community, and our culture every single day,” he continued. “Without question, they deserve participation in our growth — and I could not be more honored to continue on this journey with them, leveraging our collective strength, pushing boundaries, and achieving new heights together.”
Combs stepped down from his role at Revolt in November after being hit with allegations of abuse.
The first lawsuit against the rapper came on November 16, from fellow artist — and Diddy’s longtime girlfriend — Cassie, who alleged in a federal civil lawsuit that she was repeatedly physically and sexually abused from the time they started dating when she was 19. Combs denied the allegations, but settled that suit just one day later. Just over a week later, two more suits were filed against Diddy, with two different women accusing Combs of rape and abuse in incidents alleged to have happened in 1990 and 1991.
Both lawsuits were filed on the expiration day of New York’s Adult Suvivors Act, a law that allowed victims of sexual abuse a one-year window to file claims that would otherwise be past the statute of limitations for sexual crimes.
“While Mr. Combs has previously had no operational or day-to-day role in the business, this decision helps to ensure that Revolt remains steadfastly focused on our mission to create meaningful content for the culture and amplify the voices of all Black people throughout this country and the African diaspora,” Revolt previously said in a statement posted to Instagram.
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