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Sean “Diddy” Combs has sold his stake in his media company Revolt, and it's now under new ownership, Deadline reported. The company's employees are now its largest shareholder group.
The move follows after the hip-hop mogul has been inundated with several legal battles which began with the alleged assault of Cassie Ventura his former girlfriend as well as multiple sexual allegations from other women.
Revolt is Diddy-less
Combs co-founded the media company with Andy Schuon in 2013. The rapper stepped away from Revolt late last year after the first sexual misconduct allegations against him resurfaced.
Last month, the company's employees said that they were “deeply saddened and disturbed by the recent video circulation of our former chairman.”
The shares now owned the company will be partitioned in the coming months. They will also be given a detailed breakdown of the allocation process. Combs' previously held shares have already been redeemed and retired.
Revolt CEO Detavio Samuels said, “Today, we are 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 added.
Samuels 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.”
The legally beleaguered Sean Combs
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Most recently, Combs has been accused of abuse during his time at Howard University. A six-month investigation, which included interviews with 50 people, found that while he was known for his parties, he was also known for flashes of rage and unwanted touching.
The issue with Howard is complicated by the fact that Diddy is still tied to the HBCU (historically black colleges and university) and donated $1 million to the university as well as Jackson State last year.
The video that the employees spoke about was that of the rapper chasing Ventura down the hallway of the Century City InterContinental Hotel. The clip showed him assaulting her before he dragging her back to the hotel room.
Combs posted an apology video where he states that he fully takes responsibility of his actions. However, another lawsuit was filed against him by Crystal McKinney under the NYC Gender Motivated Violence Act.
In March, several of his properties were raided by the Department of Homeland Security as part of an ongoing investigation. His lawyer called the raids an unprecedented ambush.
Even after the raid, Combs still hasn't been arrested and his ability to travel has not been restricted. However, aside from his exit from Revolt the only company that has distanced itself from the rapper is Peloton. The fitness company recently announced that it will no longer use Diddy's music as well as those of Bad Boy Entertainment artists during its classes.
What remains to be seen is if other companies will disentangle themselves from the legally beleaguered rapper.
