Sean “Diddy” Combs Sells Majority Stake In Revolt, Shares “Redeemed and Retired”
Written by djfrosty on June 4, 2024
Source: Phillip Faraone / Getty
Sean “Diddy” Combs has reportedly sold his majority stake in Revolt. He founded the media company back in 2013.
Diddy’s once thought-to-be impregnable empire and reputation has been seemingly coming apart at the seams ever since November 16, 2023, when Cassie Ventura filed a lawsuit against the mogul accusing him of sexual assault, amongst other crimes. Although the suit was settled a day after it was filed, the damn had been broken, with multiple victims since coming forward to accuse Combs of similar abuse.
Initially, Diddy vehemently denied all the claims, and he still does, save for former Bad Boy artist Ventura’s. But that seems to be only because in May 2024, CNN acquired and shared footage of Diddy beating Cassie in the hall of a Los Angeles hotel back in 2016. The video of the incident confirmed what Cassie had described in her lawsuit. A video apology issue by Diddy shorty thereafter was almost universally maligned for its alleged insincerity.
On Tuesday (June 4), Revolt announced that Combs had sold his stake in the company. Prior to that, in late November 2023, Revolt shared that Diddy had stepped from his position as Chairman of the company.
Revolt now boasts that it is owned by employees, and remains Black-owned. “REVOLT is honored and proud to announce that, in an unprecedented and historic move in the Black media space, our newly projected largest shareholder group are REVOLT’s current employees,” read a statement announcing Combs’ shared have been “fully redeemed and retired.” “Our mission to become the largest media company powered by creators and fueled by the culture continues.”
The New York Times reports that Detavio Samuel’s, Revolt’s CEO, says, “One-hundred percent of Sean Combs’s shares have been redeemed and retired,” Mr. Samuels said in the interview. “He is no longer chairman. He is no longer on the board. He has no shares, no equity in Revolt. We have completely separated and dissociated from each other.”
Some of the other entities that have cut ties with Combs or hs products include Hulu, Capital Preparatory Schools and America’s Best Contacts & Eyeglasses.