Diddy sold a majority stake in REVOLT, the media company he founded in 2013, with employees now becoming the largest shareholder group.
Diddy’s sells majority stake in REVOLT
On Tuesday (June 4), REVOLT announced that Diddy’s shares had been “fully redeemed and retired.” The disgraced rap mogul resigned as chairman of the company in November amid multiple lawsuits including rape, sexual assault and violence. His ex-girlfriend Cassie accused him of rape and physical abuse, among other shocking accusations. The parties reached a settlement the day after the lawsuit was filed.
REVOLT CEO Detavio Samuels also made a historic announcement regarding his employees, who will now become “owners of the business they are helping to build.” The new ownership structure provides employees with equity. According to the New York Times, current employees will become the largest group of shareholders following the sale of Sean Combs’ shares.
“We are entering REVOLT’s most revolutionary chapter yet,” said CEO Detavio Samuels. “When I joined in 2020, I quickly realized two things: Our mission is bigger than any one individual, and we are the greatest engine of change, which happens to be a media company. Over the past four years, the Engine creates countless opportunities to create wealth in our communities and empower creators and entrepreneurs around the world, including our reinvestment of $50 million annually in Black communities, funding Black entrepreneurs without exchanging equity, and ensuring Creators actively participate in the creation of the intellectual property rights of the content we cooperate with.
Before Diddy resigned as REVOLT chairman last year, the company insisted he held no operational or day-to-day role in the company. For REVOLT, this business move is a step in the right direction to avoid being involved in Diddy’s legal troubles.
