Diddy has sold his majority stake in REVOLT, the media company he founded in 2013, as the employees become the largest shareholders 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 stepped down from his role as Chairman of the company last November after several lawsuits were filed accusing him of rape, sexual assault and violence. Cassie, his former girlfriend, accused him of rape and physical abuse, among other shocking claims. The parties settled the suit a day after it was filed in November of 2023.
REVOLT CEO Detavio Samuels also made a historic announcement regarding its employees, who will now be “owners of the business they are helping to build.” The new ownership structure provides employees an equity stake. The current staff will be the largest shareholder group since Sean Combs’ shares have been sold, The New York Times reports.
“We are stepping into the most revolutionary chapter yet for REVOLT,” CEO Detavio Samuels said. “When I joined in 2020, I quickly realized two things: Our mission is bigger than any individual, and we are the largest engine for transformative change that just so happens to be a media company. Over the past four years, this engine has created countless opportunities to build wealth for our community and empower creators and entrepreneurs globally, which includes our reinvestment of $50 million annually into the Black community, funding Black entrepreneurs with no exchange of equity, and ensuring creators have upside participation in the content IP we co-create.”
Prior to Diddy parting ways with REVOLT as Chairman last year, the company insisted he had no operational or day-to-day role in the business. The move was a step in the right direction for REVOLT to avoid possibly being entangled in Diddy’s legal issues.
The Bad Boy Records founder is facing many legal hurdles these days. As of June, there have been seven lawsuits against him, with the Cassie suit being the only one settled. The six other legal filings range from accusations of rape, drugging, violence and unpaid wages. While Diddy has denied all the allegations against him, he did admit wrongdoing and apologized after a video obtained by CNN in May showed the music executive beating Cassie.
The surveillance footage, which was captured in 2016, showed Diddy kicking and dragging Cassie as she tried to get away from him inside a Los Angeles hotel. Two days after the video made headlines, Diddy released an apology video, in which he addressed his “inexcusable” behavior. The footage may have been leaked to the press after the government raids on Diddy’s homes in Los Angeles and Miami in March as part of a sex trafficking investigation.
The next step in Diddy’s legal woes may be court. His accusers are expected to be brought in front of a federal grand jury as a potential move to indict the 54-year-old magnate.
