Sean “Diddy” Combs Sells Majority Stake in Revolt Over Sex Trafficking, Assault Allegations

Sean “Diddy” Combs has sold his majority stake in Revolt, a media company he founded that focuses on creators shaping hip-hop and youth culture.

The rapper and media mogul, who served as the former chairman of Revolt, has fully repurchased and retired his shares in the company. Revolt did not disclose how much Combs was paid for the participation.

The company, which revealed the news in a blog post Tuesday, said its new ownership structure would give current Revolt employees an equity stake, making them its largest shareholder group. He added that the allocation of equity stakes would take place over the coming months.

“We are entering the most revolutionary chapter ever for Revolt. When I arrived in 2020, I quickly realized two things: our mission is bigger than any one individual, and we are the largest driver of transformative change that happens to be a media company,” said the Revolt CEO Detavio Samuels in a statement. “Over the past four years, this engine has created countless opportunities to create wealth for our community and empower creators and entrepreneurs around the world, which includes our $50 million per year reinvestment in the community black entrepreneurs, funding black entrepreneurs without an equity exchange, and ensuring that creators have a positive stake in the IP content we co-create.

Samuels added that the company is “very proud of the transformation our teams will experience as they move from employees to owners of the business they are helping to build.”

“Black culture is a global culture, and Revolt's superpower is being the home of creators who are evolving culture on a global scale, allowing us to create the most powerful storytelling engine for Black voices . We succeed because we have a dedicated team committed to advancing our purpose, our community and our culture every day,” he continued. “Without a doubt, they deserve to be a part of our growth – and I couldn’t be more honored to continue this journey with them, leveraging our collective strength, pushing boundaries and reaching new heights together.”

Combs resigned from his role at Revolt in November after facing allegations of abuse.

The first lawsuit against the rapper came on November 16, from fellow artist – and Diddy's longtime girlfriend – Cassie, who alleged in a federal civil lawsuit that she was physically and sexually assaulted on several occasions since the time they started dating when she was 19. the allegations, but settled that lawsuit a day later. A little over a week later, two more lawsuits were filed against Diddy, with two different women accusing Combs of rape and abuse in incidents that allegedly occurred in 1990 and 1991.

Both lawsuits were filed on the day New York's Adult Suvivors Act, a law that gave victims of sexual abuse a one-year window to file claims that otherwise would have passed the statute of limitations, expired. for sex crimes.

“While Mr. Combs has not previously played any operational or day-to-day role at the company, this move helps ensure that Revolt remains firmly focused on our mission of creating culturally meaningful content and amplifying the voices of all black people around the world. this country and the African diaspora,” Revolt previously said in a statement posted on Instagram.

The article Sean 'Diddy' Combs sells majority stake in Revolt amid sex trafficking, assault allegations appeared first on TheWrap.