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 investigation.
The 54-year-old rapper “temporarily” resigned as president of Revolt in November 2023, but in March he was claimed by TMZ that Diddy had sold his shares to a mystery buyer for an undisclosed fee.
Revolt CEO Detavio Samuels confirmed The New York Times Tuesday that “one hundred percent of Sean Combs’ shares have been redeemed and retired.”
‘He is no longer president. He is no longer on the board. He has no shares or shares in Revolt. We have completely separated and dissociated ourselves from each other.’
Samuels also disclosed that the hip-hop star had “agreed to begin the separation process” in January as his legal problems worsened.
Diddy currently faces eight lawsuits involving allegations of rape, physical abuse, sex trafficking, extortion and other serious crimes spanning 30 years.
His homes in Los Angeles and Miami were raided by Homeland Security agents in March and he could soon face a grand jury indictment.
Disgraced mogul Sean ‘Diddy’ Combs sold his majority stake in his media company Revolt amid mounting sexual assault lawsuits and a federal sex trafficking investigation; 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 an explosive lawsuit filed in November 2023 that was settled a day later for $30 million.
Samuels did not reveal how much Diddy was paid for his shares, but he did confirm that Revolt employees are now its largest shareholder.
In a statement to NBC News On Tuesday, Revolt promised that it will “remain black owned and operated.”
The company representative 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 drive the company’s growth also have the opportunity to benefit from their success. ‘
Diddy co-founded Revolt in 2013 with AXS TV President Andy Schuon with the goal of elevating and highlighting Black artists, voices and stories.
He had been inactive at the company since “temporarily” stepping down as president last November, TMZ reported.
The outlet cited sources stating that the decision was “not to allow the accusations he faces to distract from Revolt’s mission or success.”
The 54-year-old rapper “temporarily” stepped down as president of Revolt in November 2023, but in March TMZ claimed 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 president. He is no longer on the board. He has no shares or shares in Revolt. We have completely separated and dissociated ourselves from each other’; seen in November 2023
At the time, Revolt was celebrating its 10th 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 back down in November came as the rapper faced his first accusations from numerous alleged victims, accusing him of physical and sexual abuse.
Months later, federal agents dramatically raided his homes in Miami, Florida, and Los Angeles, California, as part of an investigation into sex trafficking. Diddy’s lawyer claimed that the music producer was the victim of a witch hunt.
Diddy was not detained or arrested during the raids and denies 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 footage of the Cassie Hotel hallway attack by cnn that same month.
Cassie previously referenced the brutal assault in her November 2023 lawsuit.
His lawyer criticized Diddy’s apology as “pathetic, desperate and disingenuous,” as he previously denied the allegations and suggested his accusers were just looking for a “payday.”
Sean ‘Diddy’ Combs faces criminal charges as a grand jury was selected to hear evidence against him in a federal investigation.
Federal agents dramatically raided his homes in Miami, Florida, and Los Angeles, California, as part of a sex trafficking investigation on March 25 (pictured). Diddy’s lawyer claimed that the music producer was the victim of a witch hunt
The accusation would not be related to Diddy’s filmed assault on his ex-girlfriend Cassie in the hallway of a Los Angeles hotel 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 he reported this cnn that Diddy will soon face criminal charges as a grand jury has been selected to hear evidence against him in a federal investigation.
The Justice Department is preparing to file a criminal charge against him, as his accusers have been told they could be brought to testify in New York City.
Potential witnesses have not yet been prepared to testify for prosecutors, as Homeland Security investigators are reportedly still gathering evidence in the case.
A source told CNN that detectives want to make their accusation against Diddy “bulletproof.”
The accusation would not be related to Diddy’s filmed assault on Cassie in 2016.
