Sean “Diddy” Combs sold his majority stake in Revolt, the media company he founded over a decade ago, on Wednesday, June 5, 2024 as he faces multiple sexual assault allegations. Detavio Samuels, Revolt’s chief executive officer, disclosed to The New York Times that Combs initiated the separation process in January following several lawsuits against him.
Samuels clarified, “One hundred percent of Sean Combs’ shares have been redeemed and retired. He no longer holds the position of chairman or board member. Our association has been completely severed.”
The New York Times report confirmed that Revolt’s employees now hold the largest share in the company. However, the specific amount Combs paid for his stake remains undisclosed. NBC News reports that Revolt will continue to be black-owned and operated.
The company stated, “Shares previously held by former chair Sean ‘Diddy’ Combs have been fully redeemed and retired.” This structural transformation ensures that employees driving the company’s growth can also benefit from its success.
In November 2023, Combs temporarily stepped back from the music-focused television network he co-founded with Andy Schuon in 2013. Revolt announced via social media that the “I’ll Be Missing You” artist would no longer serve as the network’s chairman, although a representative clarified it was a temporary move.
Since November 2023, Combs has been named in eight civil lawsuits. At least six people have claimed in their filings that the Bad Boy Entertainment founder sexually assaulted or harassed them, with the latest lawsuit filed on May 23. Some of the lawsuits included sex trafficking allegations, along with claims that the rapper drugged individuals against their will.
In November 2023, Combs’ ex-girlfriend Cassie opened a can of worms with a bombshell lawsuit against him, alleging that the music mogul raped and sex trafficked her over the course of an abusive 10 years.
In the lawsuit, the singer (whose real name is Casandra Ventura), 37, claimed she was stuck in a decade-long “cycle of abuse, violence, and sex trafficking” that included a 2018 rape after she tried to leave him and multiple instances of domestic violence. At the time, Combs’ lawyer denied the allegations in a statement to PEOPLE, calling them “offensive and outrageous.”
He spoke out about the allegations on December 6. “ENOUGH IS ENOUGH. For the last couple of weeks, I have sat silently and watched people try to assassinate my character, destroy my reputation and my legacy,” Combs wrote in the statement, which was obtained by PEOPLE. “Sickening allegations have been made against me by individuals looking for a quick payday.” By March 2024, his properties were raided by federal agents, which a Homeland Security Investigations representative told PEOPLE was “part of an ongoing investigation.”
After a surveillance video from 2016 showing Combs violently beating Cassie in a hotel was released last month, he apologized for his actions. Speculation has also swirled that Combs could soon face a criminal indictment after federal investigators raided his homes earlier this year. Federal investigators are looking into allegations of money laundering and illegal drugs, CNN reported.
