Sean "Diddy" Combs reportedly sold his stakes in Revolt, a company he founded in 2013.
According to a press release from the company's website, all of Diddy's shares "have been fully redeemed and retired." However, the company did not detail how much Combs was paid for his share of the hip-hop and entertainment company.
"We are stepping into the most revolutionary chapter yet for REVOLT. When I joined in 2020, I quickly realized two things: Our mission is bigger than any individual, and we are the largest engine for transformative change that just so happens to be a media company," Revolt CEO Detavio Samuels said in a statement.
The press release also alluded to the company's "transformation" as its employees shift from "being employees to owners of the business they are helping to build."
"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," they furthered.
In December 2023, Diddy stepped down as the chairman of the board of Revolt after his sexual assault lawsuits had been publicized.
In an Instagram statement, Revolt revealed that Combs had "no operational or day-to-day role in the business," which might be the reason why the move was quite swift.
"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," they explained.
According to Revolt, the network's focus has always been one that reflects its commitment to its collective journey.
"One that is not driven by an individual, but by shared efforts and values of our entire team on behalf of advancing, elevating, and championing our culture - and that continues," they affirmed in a statement.
The rap mogul has been subjected to intensified scrutiny recently after CNN published a video of him in 2016 brutally assaulting his then-girlfriend, Cassie Ventura, at the InterContinental Hotel in California. Diddy apologized for his behavior in the video but was still publicly slammed.
As of this writing, Diddy has seven ongoing lawsuits from seven different accusers, six of which have accused him of sexual assault, among many other scathing allegations.
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