Diddy Sells Stake in Revolt, Making Employees the New Owners

Amid mounting sexual-assault allegations and a pending federal investigation, Diddy has sold his the vast majority stake in Revolt, the media firm he established, for every the New York Instances. “One hundred percent of Sean Combs’s shares have been redeemed and retired,” CEO Detavio Samuels informed the Instances. “He is no lengthier chairman. He is no more time on the board. He has no shares, no equity in Revolt. We have entirely separated and dissociated from each other.” Even though the fallen hip-hop mogul and Revolt have slice ties, the company will continue to be Black-owned and operated. In point, its largest shareholder group is now a coalition of its workforce and chief executive. Co-started around a decade in the past by Diddy with the goal of bringing additional Black voices to tv, the firm is known for hit movie podcasts which include Drink Champs, between other individuals. As alleged victims strike Diddy with a torrent of disturbing sexual-assault lawsuits in January, he agreed to start separating from the enterprise, Samuels claimed in an interview with the Periods. A horrifying way to come across oneself in the largest shareholder team in a media enterprise.