Diddy Sells Stake of Revolt, Employees Largest Shareholder Group
Diddy has sold his majority stake in REVOLT, the media company he founded in 2013, as the employees become the largest shareholders group now.
Diddy’s Sells Majority Stake in REVOLT
On Tuesday (June 4), REVOLT announced that Diddy’s shares had been “fully redeemed and retired.” The disgraced rap mogul stepped down from his role as Chairman of the company last November, after several lawsuits were filed accusing him of rape, sexual assault and violence. Cassie, his former girlfriend, accused him of rape and physical abuse, among other shocking claims. The parties settled the suit a day after it was filed.
REVOLT CEO Detavio Samuels also made a historic announcement regarding its employees, who will now be “owners of the business they are helping to build.” The new ownership structure provides employees an equity stake. The current staff will be the largest shareholder group since Sean Combs’ shares have been sold, The New York Times reports.
“We are stepping into the most revolutionary chapter yet for REVOLT,” CEO Detavio Samuels said. “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. Over the past four years, this engine has created countless opportunities to build wealth for our community and empower creators and entrepreneurs globally, which includes our reinvestment of $50 million annually into the Black community, funding Black entrepreneurs with no exchange of equity, and ensuring creators have upside participation in the content IP we co-create.”
Prior to Diddy parting ways with REVOLT as Chairman last year, the company insisted he had no operational or day-to-day role in the business. The business move was a step in the right direction for REVOLT to avoid possibly being entangled in Diddy’s legal issues.