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Sean 'Diddy' Combs sells majority stake in his media company Revolt amid rapper's mounting sexual assault lawsuits and sex-trafficking probe
Disgraced mogul Sean 'Diddy' Combs has sold his majority stake in his media company Revolt amid mounting sexual assault lawsuits and a federal sex-trafficking probe.
The 54-year-old rapper 'temporarily' stepped down as Revolt chairman in November 2023 but in March it was claimed by TMZ that Diddy had sold his shares to a mystery buyer for an undisclosed fee.
Revolt CEO Detavio Samuels confirmed to The New York Times on Tuesday that 'one hundred percent of Sean Combs' shares have been redeemed and retired.
'He is no longer chairman. He is no longer on the board. He has no shares, no equity in Revolt. We have completely separated and dissociated from each other.'
Samuels also divulged that the hip-hop star had 'agreed to start the process of separation' back in January as his legal woes worsened.
Diddy is currently facing eight lawsuits relating to allegations of rape, physical abuse, sex trafficking, racketeering and other serious crimes that span across 30 years.
His homes in Los Angeles and Miami were raided by Homeland Security agents in March and he may soon face a grand jury indictment.
Disgraced mogul Sean ' Diddy ' Combs has sold his majority stake in his media company Revolt amid mounting sexual assault lawsuits and a federal sex-trafficking probe; seen in 2012
In May, a horrifying video was released showing Diddy physically assaulting his then-girlfriend Cassie Ventura in a hotel hallway in 2016.
Cassie, who was in a relationship with Diddy for 10 years, accused him of rape and physical abuse in a bombshell lawsuit filed in November 2023 that was settled one day later for $30million.
Samuels wouldn't disclose how much Diddy was paid for his shares but he did confirm that Revolt employees are now their largest shareholder.
In a statement to NBC News on Tuesday, Revolt promised that it 'will remain Black-owned and operated.'
The company rep continued: '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.'
Diddy co-founded Revolt back in 2013 with AXS TV president Andy Schuon with the goal of elevating and highlighting Black artists, voices and stories.
He had been inactive with the company since 'temporarily' stepping down as Chairman last November, as reported by TMZ.
The outlet cited sources claiming the decision was 'not to allow the accusations he's facing distract from Revolt's mission or success'
The 54-year-old rapper 'temporarily' stepped down as Revolt chairman in November 2023 but in March it was claimed by TMZ that Diddy had sold his shares to a mystery buyer for an undisclosed fee; seen in 2014
Revolt CEO Detavio Samuels confirmed to The New York Times on Tuesday that 'one hundred percent of Sean Combs' shares have been redeemed and retired. 'He is no longer chairman. He is no longer on the board. He has no shares, no equity in Revolt. We have completely separated and dissociated from each other'; seen in November 2023
Revolt was, at the time, celebrating its ten year anniversary, under the leadership of CEO Detavio Samuels and Chief Brand Officer Deon Graham.
Diddy was not involved in the day-to-day running of the company, TMZ reported, citing sources.
The decision to step back in November came as the rapper faced his first allegations from numerous alleged victims, accusing him of sexual and physical abuse.
Months later, federal agents dramatically raided his homes in Miami, Florida and Los Angeles, California, as part of a sex trafficking probe. Diddy's lawyer claimed the music producer was the victim of a witch hunt.
Diddy was neither detained or arrested during the raids and he's denied the allegations made against him.
Diddy has refrained from publicly addressing any of the recent lawsuits, but on May 19, he issued an apology video after the release of the Cassie hotel hallway attack footage by CNN that same month.
Cassie previously referenced the brutal assault in her November 2023 lawsuit.
Her attorney lambasted Diddy's apology as 'pathetic, desperate and disingenuous' since he previously denied the allegations and suggested his accusers were just looking for a 'payday.'
Sean ' Diddy ' Combs is facing criminal charges as a grand jury has been selected to hear evidence against him in a federal probe
Federal agents dramatically raided his homes in Miami, Florida and Los Angeles, California, as part of a sex trafficking probe on March 25 (pictured). Diddy's lawyer claimed the music producer was the victim of a witch hunt
The indictment would not be related to Diddy's filmed assault of his ex-girlfriend Cassie in a Los Angeles hotel hallway in 2016
Cassie, who was in a relationship with Diddy for a decade, previously referenced the brutal assault in her November 2023 lawsuit; seen in 2016
Last week, it was reported by CNN that Diddy will soon face criminal charges as a grand jury has been selected to hear evidence against him in a federal probe.
The DOJ is gearing up to bring a criminal indictment against him as his accusers have been told they could be brought to testify in New York City.
The potential witnesses have not yet been prepped to testify for the prosecution, as Homeland Security investigators are still reportedly gathering evidence in the case.
A source told CNN that detectives want their indictment against Diddy to be 'bulletproof.'
The indictment would not be related to Diddy's filmed 2016 assault of Cassie.