Diddy Sells Majority Stake In Revolt Amid Sexual Abuse Lawsuits, Employees Become Largest Shareholder Group Of Media Company

Diddy

Diddy Sells Majority Stake In Revolt Amid Sexual Abuse Lawsuits, Employees Become Largest Shareholder Group Of Media Company

Sean ‘Diddy’ Combs’ former media company Revolt recently underwent a significant ownership structure.

Reports state that the hip-hop veteran’s shares in the company have been “fully redeemed and retired,” leaving its employees with the majority stake in the business.

Diddy

As we’ve been covering, reports of Diddy selling off his shares of the company began shortly after he was hit with a bombshell sexual abuse lawsuit from his ex-girlfriend Cassie ‘Cassandra’ Ventura. Back in March, it was reported that Essence magazine CEO Richelieu Dennis was in talks of closing a deal to secure Diddy’s shares. However, his involvement in the matter has not been confirmed.

Revolt’s CEO Detavio Samuels recently confirmed that Diddy’s shares have been fully redeemed and retired, and are in the process of being incorporated into the shares of those who help the media platform run day-to-day. Detavio Samuels stated about the matter:

“This is something that we’ve been looking to do, waiting to do, believing that the people who give this company their blood, sweat and tears should have some sort of upside opportunity if and when we win,”

Detavio Samuels

He added:

“All of the data suggests that the companies that have incentive pools for their employees outperform the rest. They perform better financially, they perform better with company morale and culture and they perform better as it relates to retention.”

Revolt’s employees have been promised a breakdown of how the new structure will play out, highlighting that the change will happen over several months. Detavio Samuels opted not to comment on how Diddy’s looming legal troubles and possible indictment factored into the decision to split up his shares, however, he did acknowledge the company’s efforts to remain Black-owned with a majority Black staff. He added:

“There’s no structure that we would have accepted that was not Black-owned…[we keep] dreaming bigger and Blacker.”

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It does not appear Diddy has commented on the matter publicly at this time.

[VIA]