Sean 'Diddy' Combs, the hip-hop mogul and founder of Revolt Media, has sold his majority stake in the company. The news comes after Combs faced multiple sexual assault lawsuits and a federal sex trafficking investigation. According to various reports, Revolt's employees are now the largest shareholders of the media company.
Revolt was founded by Combs over a decade ago as a music industry-focused cable channel meant to boost Black representation on television. However, in recent months, Combs has been accused of sexual assault and other illegal activities by several women. The allegations led to his temporary departure from the company in November 2023.
The sale of Combs' stake in Revolt marks a significant shift for the media company. Detavio Samuels, Revolt's CEO, emphasized that this new structure ensures employees driving the company's growth have an opportunity to benefit from its success. Equity participation will be rolled out over the next few months in a smooth and fair distribution process.
Despite facing numerous allegations, Combs has denied all claims. However, federal investigators are reportedly preparing to bring accusers before a federal grand jury, signaling that the US Justice Department may be moving toward potentially seeking an indictment of Combs.
Revolt's mission is to change the narrative of Black culture globally and set a new industry standard for equity participation opportunities. The company has been praised for its commitment to investing in Black entrepreneurs and creators, with $50 million annually reinvested into the community.
