Revolt stated on Tuesday that Sean Combs, the hip-hop entrepreneur who is being accused of sexual assault more and more, had sold the majority of his shares in the company.
Revolt released a statement stating, “Shares held by the company’s former chair, Sean ‘Diddy’ Combs, have been fully redeemed and retired.”
According to the company, Black people will continue to own and run it.
“As the company continues to pioneer a new era of entertainment that empowers creators and establishes a new media model, this transformative structure ensures that the employees who are driving the company’s growth also have the opportunity to benefit from its success,” it said.
The development was initially reported by The New York Times.
An inquiry for comment was not immediately answered by Combs’s representatives.
Launched over ten years ago, Revolt. According to Combs, he started it to empower and share the experiences of Black people.
Two of its most-watched video podcasts are “Drink Champs” and “Caresha Please.”
Combs, a trailblazer in hip-hop, media, and fashion who also founded the Sean John apparel line and the Bad Boy music company, faces threats to his business portfolio following his long-term girlfriend Cassie’s lawsuit against him in November. In a shocking lawsuit, the singer and model—real name: Casandra Ventura—accused him of sexual assault and physical abuse when they were together.
In 2005, when Combs was 37 and Ventura was 19, the two started dating. Ventura was signed to Bad Boy. They reached an undisclosed settlement the day after she filed her complaint. The payment, according to Combs’ attorney at the time, “is in no way an admission of wrongdoing.”
That same month, Combs resigned as Revolt’s chairman and several lawsuits were filed in his wake. In addition to a music producer on his most recent album, Combs is being sued by four women who claim he drugged, harassed, and threatened him over more than a year.
He has always denied any wrongdoing, claiming that those “looking for a quick payday” had brought “sickening allegations” against him last year.
A reality television program that was supposed to follow Combs’ family was cancelled by Hulu shortly after Ventura filed his claim, and he withdrew his lawsuit against a liquor brand as part of a settlement with the London-based alcohol firm Diageo, which he had accused of racism.
Federal authorities searched Combs’ homes in Miami and Los Angeles in March. At the time, NBC News was informed by a source that Combs was the focus of a federal investigation.
CNN was able to obtain security footage last month that verified one of the incidents mentioned in Ventura’s lawsuits. In the footage, Combs is seen dragging, punching, and kicking the woman in a Los Angeles hotel. On Instagram, he posted a video apology two days after it was published.
“It’s so difficult to reflect on the darkest times in your life, but sometimes you got to do that,” Combs said in the video. “I hit rock bottom — but I make no excuses. My behaviour in that video is inexcusable. I take full responsibility for my actions in that video. I’m disgusted. I was disgusted then when I did it. I’m disgusted now.”
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