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Diddy sells off his stake in Revolt, the media company he founded in 2013

June 5, 2024
in Business
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LOS ANGELES (AP) — Sean “Diddy” Combs has bought off his stake in Revolt, the media firm the rapper and entrepreneur based over a decade in the past.

Shares in Revolt held by Combs, who served as the corporate’s chair, have been absolutely redeemed and retired, the Los Angeles-based firm stated Tuesday an announcement on its web site.

Revolt didn’t disclose how a lot Combs was paid for his stake within the hip-hop information and leisure firm, which he based in 2013.

Beneficial Tales

Within the assertion, CEO Detavio Samuels famous that when he joined the corporate in 2020 he realized “our mission is greater than any particular person.”

Revolt additionally introduced a brand new possession construction that may give its staff an fairness stake within the firm, which streams reveals on-line, comparable to “Black Lady Stuff,” and “The Lifetime of Draco,” that includes rapper Massive Draco.

The transfer comes as Combs’ status has been sullied following a number of lawsuits filed late final yr that raised allegations of sexual assault and rape on the a part of considered one of hip-hop’s most recognizable performers and producers.

In November, he was sued by R&B singer Cassie, who stated he subjected her to a yearslong abusive relationship that included beatings and rape. Combs settled the lawsuit with Cassie, whose full title is Casandra Ventura, just a few days after it was filed.



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