Sean 'Diddy' Combs sells off his entire stake in Revolt, the media company he founded
REUTERS/Lucas Jackson
- Sean "Diddy" Combs is no longer an owner of the media company helped found.
- Combs sold his majority stake in Revolt following a slew of allegations from those once close to him.
- The company said its employees will now be the largest shareholders.
Sean "Diddy" Combs has sold his majority stake in Revolt, the media company he cofounded.
As first reported by The New York Times, the organization announced Tuesday that Combs had officially sold his shares, over a decade after Revolt first launched.
With this sale, the private company's largest shareholder group is now made up of employees, according to The Times.
Revolt CEO Detavio Samuels confirmed the rumors to NYT ahead of Tuesday's announcement. The press release announcing the ownership change assured that Revolt would remain Black-owned.
"We are stepping into the most revolutionary chapter yet for Revolt," Samuels said in a statement.
Combs is facing a lawsuit from his former longtime girlfriend Casandra Ventura, accusing him of sexual abuse. Combs' lawyer previously said the hip-hop star "vehemently denies these offensive and outrageous allegations."
Meanwhile, federal authorities have also raided two of his homes.
Following the sexual assault accusations, Combs stepped down from his role as the chairman at Revolt as rumors swirled that he'd be selling his shares.