Embattled Hip Hop Mogul, Sean ‘Diddy’ Combs has parted ways with the media company he founded, Revolt, selling his majority stake in the company which is now owned by employees amid several lawsuits alleging se*ual assault.
Revolt CEO Detavio Samuels told The New York Times before Revolt announced its new leadership that Diddy and the company were now ‘completely separated and dissociated from each other,’ adding Diddy is no longer on the board and has no shares or equity in Revolt.
THE OFFICIAL STATEMENT IN FULL
‘Shares held by the company’s former chair, Sean ‘Diddy’ Combs, have been fully redeemed and retired,’ the company told the outlet in a statement.
It continued: ‘As the company continues to pioneer a new era of entertainment that empowers creators and establishes a new media model, this transformative structure ensures that the employees who are driving the company’s growth also have the opportunity to benefit from its success.’
According to NBC News, Revolt ‘will remain Black-owned and operated.’
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WHY DID DIDDY STEP DOWN?
Diddy stepped down as Revolt’s chairman last November after his ex-girlfriend Cassie Ventura and two other women accused him of se*ual assault and abuse, and at that time the company said he had previously had ‘no operational or day-to-day role in the business.’
At the time, Revolt released a statement via social media announcing the ‘I’ll Be Missing You’ artist would no longer serve as the network’s chairman, while a rep for the rapper told PEOPLE that it was a temporary move.
‘Sean Combs has stepped down from his position as chairman of Revolt,’ the company’s statement began.
‘While Mr. Combs has previously had no operational or day-to-day role in the business, this decision helps to ensure that Revolt remains steadfastly focused on our mission to create meaningful content for the culture and amplify the voices of all Black people throughout this country and the African diaspora.’
