Hip-hop mogul Sean ‘Diddy’ Combs, who is currently embroiled in numerous sexual and physical abuse allegations, has sold his majority stake in media company Revolt, which he co-founded in 2013.
“Shares held by the company’s former chair, Sean ‘Diddy’ Combs, have been fully redeemed and retired,” Revolt said in a statement.
Meanwhile, the company said it will continue to remain Black-owned and operated.
“Revolt’s new ownership structure provides employees an equity stake as the company, while remaining Black-owned and operated, continues its mission to become the largest media company powered by creators and fueled by culture,” the company said.
“Today, we are most proud of the transformation that our teams will experience as they shift from being employees to owners of the business they are helping to build,” Revolt CEO Detavio Samuels said in a statement.
He added, “Black culture is global culture, and Revolt’s superpower is being the home for creators that move culture globally, allowing us to build the most powerful storytelling engine for Black voices.”
Revolt was founded by Combs and Andy Schuon and launched on October 21, 2013. Combs has said he founded the company to empower and tell the stories of Black people.
Combs had previously stepped down from Revolt’s board as chairman late last year after Cassie Ventura accused him of physical and sexual abuse in a lawsuit that was settled a day later.
In the past six months, six sexual assault lawsuits have been filed against Combs.
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