Saturday, June 22, 2024

Sean ‘Diddy’ Combs Sells Majority Stake in Revolt – Employees Now Largest Shareholders | WATCH

*In a move that shows his situation is getting worse, Sean “Diddy” Combs has sold a majority stake in Revolt, the media company and television network he founded in 2013. According to a company press release, Revolt, a Black-owned multi-platform media company, has announced that its largest shareholder group is now its own employees.

A spokesperson for Revolt emphasized that this new ownership model ensures that the employees driving the company’s growth can also benefit from its success, aligning with an emerging industry trend of equity participation.

“One hundred percent of Sean Combs’ shares have been redeemed and retired,” Revolt CEO Detavio Samuels told The New York Times.

Samuels added: “He is no longer chairman. He is no longer on the board. He has no shares, no equity in Revolt. We have completely separated and dissociated from each other.”

 

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Samuels confirmed that the largest shareholder in the company is now its employees, although he did not disclose the financial details of Combs’ stake sale.

“Today, we are most proud of the transformation that our teams will experience as they shift from being employees to owners of the business they are helping to build,” Samuels said. “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.”

Combs stepped aside as chairman of Revolt in November, following multiple civil lawsuits accusing him of sexual assault and other illegal activities. While Combs has vehemently denied many of these claims, he has not responded to all the allegations.

Last month, CNN published a 2016 surveillance video showing Combs physically assaulting Cassie Ventura, a former girlfriend who filed a now-settled civil suit against him in November 2023. Combs issued an apology for his actions in the video nearly two days after CNN’s report was first published.

Sean 'Diddy' Combs Sells Majority Stake in Revolt | pictured: Cassie and Sean Diddy Combs - GettyImages
Cassie and Sean “Diddy” Combs – GettyImages

Meanwhile, federal investigators are preparing to bring Combs’ accusers before a federal grand jury, according to sources familiar with the probe, signaling that the US Justice Department is moving toward potentially seeking an indictment. The investigation also includes allegations of money laundering and illegal drug activities, as previously reported by CNN.

Revolt Media, founded by Combs in 2013, was established with the mission of highlighting Black culture and hip-hop. This new chapter in Revolt’s journey marks a significant transition, empowering its employees as key stakeholders in the company’s future.

MORE NEWS ON EURWEB.COM: Mother of Notorious B.I.G. Wants to ‘Slap’ Diddy

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