Sean “Diddy” Combs speaks onstage during day 2 of REVOLT Summit x AT&T Summit on September 13, 2019, in Atlanta, Georgia. | Source: Paras Griffin / Getty
Sean “Diddy” Combs has sold his majority stake in Revolt. He founded the media company back in 2013.
Diddy’s once thought-to-be impregnable empire and reputation have been seemingly coming apart at the seams ever since Nov. 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 dam 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 issued by Diddy shortly thereafter was almost universally maligned for its alleged insincerity.
On Tuesday, Revolt announced that Combs had sold his stake in the company. Prior to that, in late November 2023, Revolt shared that Diddy had stepped down 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’ shares 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 reported that Detavio Samuels, 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 and/or his entities include Hulu, Capital Preparatory Schools and America’s Best Contacts & Eyeglasses.
The news from Revolt comes less than a week after CNN reported exclusively that federal prosecutors may be moving closer to seeking a criminal indictment against the disgraced music mogul.
Federal investigators with the U.S. Department of Justice have been interviewing Diddy’s accusers who have been cooperating and handing over evidence. The actions by the feds suggest they may be on the verge of empaneling a grand jury to hear evidence that could result in a criminal indictment.
A little more than two months ago, federal agents with Homeland Security Investigations conducted simultaneous raids on Diddy’s homes in California and Florida centered on suspicions of sex trafficking.
Federal prosecutors in the Southern District of New York are conducting the criminal investigation, led by U.S. Attorney Damian Williams, who also successfully prosecuted R. Kelly for the same crime.
SEE ALSO:
Diddy Is ‘Completely Separated And Dissociated From’ Revolt After Selling Majority Stakes In Media Company He Founded was originally published on hiphopwired.com
