Source: Phillip Faraone/Getty
Sean “Diddy” Combs has reportedly sold his majority stake in Revolt. He founded the media company in 2013.
Diddy's once-considered impregnable empire and reputation have seemingly crumbled since November 16, 2023, when Cassie Ventura filed a lawsuit against the mogul accusing him of sexual assault, among other crimes. Although the lawsuit was settled a day after it was filed, the curse had been broken, with several victims since accusing Combs of similar abuse.
Initially, Diddy vehemently denied all the allegations, and still does, except for his former Bad Boy artist Ventura. But that only appears to be the case because in May 2024, CNN obtained and shared footage of Diddy hitting Cassie in a Los Angeles hotel room in 2016. The video of the incident corroborated what Cassie had described in her lawsuit. A video apology issue from Diddy shortly thereafter was almost universally lambasted for its supposed insincerity.
On Tuesday (June 4), Revolt announced that Combs has sold his stake in the company. Prior to that, in late November 2023, Revolt shared that Diddy had stepped down as President of the company.
Revolt now boasts that it is employee-owned and remains Black-owned. “REVOLT is honored and proud to announce that, in an unprecedented and historic move in the Media space, our newly projected largest group of shareholders are current REVOLT employees,” reads a statement announcing that the public of Combs has been “fully cashed out and retired.” “Our mission to become the largest creator-powered, culture-fueled media company continues.”
The New York Times References that Detavio Samuel's, CEO of Revolt, says: “100% of Sean Combs' shares have been cashed out and retired,” Mr. Samuels said in the interview. “He is no longer president. It is no longer on the board. He has no shares or equity in Revolt. We are completely separated and disconnected from each other.”
Some of the other entities that have cut ties with Combs or hs products include Hulu, Capital Preparatory Schools and America's Best Contacts & Eyeglasses.