Diddy Sells Revolt Stake, Employees Now Top Shareholders

Revolt's Leadership Transforms Amidst Ownership Change.

by Nouman Rasool
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Diddy Sells Revolt Stake, Employees Now Top Shareholders
© Jemal Countess/Getty Images

Revolt, the influential media company that Sean "Diddy" Combs founded, has changed its ownership structure. According to The New York Times, this change is a watershed, with employees becoming the most significant shareholder group after Combs's shares were redeemed and retired.

This unprecedented move will see current employees gradually receiving shares over the next few months. Revolt has committed to explaining the share allocation process to its staff, reinforcing its dedication to transparency and employee empowerment.

The change was spurred by recent interest from prominent investors, including Essence CEO Richelieu Dennis, looking to acquire Combs' stake. However, the employees will ultimately take the helm, steering the company toward a future defined by collective ownership and shared success.

Detavio Samuels, CEO of Revolt, expressed immense pride in this transformative decision. "Today is a great day in the journey as we are now moving our passionate employees into the ownership of this business they have otherwise helped build," said Samuels.

He firmly pointed out the need to appreciate the team's contribution to growing the business. He shone with bright anticipation for the future: a company that does not give up but, hand in hand, with the best effort, reaches new heights.

Diddy's Turbulent Exit

This ownership restructuring comes after Sean Combs departed from Revolt in November 2023. Combs left the company following a series of legal challenges, including a rape accusation by his former girlfriend, Casandra Ventura, better known as R&B star Cassie.

The allegations, which Combs has denied, date back over a decade, during which Cassie was signed to Combs' Bad Boy record label. The situation escalated when CNN released footage showing an altercation between Combs and Cassie in a Los Angeles hotel, prompting Combs to acknowledge his actions as "inexcusable" in an Instagram video, where he took full responsibility.

Responding to inquiries, Revolt emphasized that Combs had not played an operational or daily role with the company for some time during these accusations. The company stated it would remain centred on its mission, creating culturally relevant content and elevating voices in the Black community across the United States and globally in the African diaspora.

"This new chapter for the company, with employee ownership, means a new era of corporate governance and acts as a model for the media industry in terms of what inclusive shared responsibility for the value Revolt helps create looks like going forward,"

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