Business

Sean “Diddy” Combs Sells Revolt Stake Amid Allegations, Employees Gain Control

Jun 4, 2024 1 min read

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Sean "Diddy" Combs has sold his majority stake in Revolt, the media company he co-founded with Andy Schuon in 2013, to a new ownership group, making current employees the largest shareholder group. The change comes amid multiple assault allegations against Combs, including accusations from his former girlfriend, Cassie Ventura, who has alleged both physical and sexual assault.

Following the allegations, Combs stepped down from his role at Revolt in November 2023. CEO Detavio Samuels has declined to disclose the financial details of the transaction. Reports indicated that several high-profile investors, including Essence CEO Richilieu Dennis, were interested in purchasing Combs' stake. With Combs' shares now fully redeemed and retired, the company aims to continue its mission of creating meaningful content and amplifying Black voices.

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