Disgraced mogul Sean “Diddy” Combs has sold his majority stake in his media company Revolt amid mounting sexual abuse lawsuits and a federal investigation into sex trafficking.
The 54-year-old rapper ‘temporarily’ stepped down as Revolt chairman in November 2023, but was requisitioned in March by TMZ that Diddy had sold his shares to a mysterious buyer for an undisclosed fee.
Revolt CEO Detavio Samuels confirmed this The New York Times on Tuesday it was said that ‘one hundred percent of Sean Combs’ shares have been redeemed and canceled.
‘He is no longer chairman. He is no longer on the board. He has no shares, no equity in Revolt. We are completely separated and dissociated.”
Samuels also revealed that the hip-hop star had agreed to start the divorce process in January when his legal troubles worsened.
Diddy is currently facing eight lawsuits involving allegations of rape, physical abuse, sex trafficking, extortion and other serious crimes spanning a period of thirty years.
His homes in Los Angeles and Miami were raided by Homeland Security agents in March and he could soon be indicted by a grand jury.
Disgraced mogul Sean “Diddy” Combs has sold his majority stake in his media company Revolt amid mounting sexual abuse lawsuits and a federal investigation into sex trafficking; seen in 2012
In May, a gruesome video was released showing Diddy physically assaulting his then-girlfriend Cassie Ventura in a hotel hallway in 2016.
Cassie, who dated Diddy for ten years, accused him of rape and physical abuse in a bombshell lawsuit filed in November 2023 and settled a day later for $30 million.
Samuels would not reveal 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 pledged that it would 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 its success of it. ‘
Diddy co-founded Revolt in 2013 with AXS TV President Andy Schuon with the goal of elevating and spotlighting Black artists, voices and stories.
He has been inactive with the company since “temporarily” stepping down as chairman last November, TMZ reports.
The outlet cited sources who claimed the decision was “to not allow the allegations he faces to 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 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 are completely separated and dissociated’; seen in November 2023
Revolt was celebrating its tenth anniversary at the time, under the leadership of CEO Detavio Samuels and Chief Brand Officer Deon Graham.
Diddy was not involved in the day-to-day management of the company, TMZ reports based on sources.
The decision to step back came in November when the rapper faced the first allegations from numerous alleged victims, who accused 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 investigation. 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 has denied the allegations against him.
Diddy has refrained from publicly addressing the recent lawsuits, but on May 19 he released an apology video following the release of the footage of Cassie’s hotel hallway attack CNN that same month.
Cassie previously referenced the brutal attack in her November 2023 lawsuit.
Her lawyer branded Diddy’s apology “pathetic, desperate and dishonest” 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 is selected to hear evidence against him in a federal investigation
Federal agents dramatically raided his homes in Miami, Florida, and Los Angeles, California, on March 25 as part of a sex trafficking investigation (pictured). Diddy’s lawyer claimed that the music producer was the victim of a witch hunt
The charges are not believed to be related to Diddy’s filmed attack on his ex-girlfriend Cassie in a Los Angeles hotel hallway in 2016
Cassie, who was in a relationship with Diddy for ten years, previously referenced the brutal attack in her November 2023 lawsuit; seen in 2016
This was reported last week by 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 DOJ is preparing to file criminal charges against him as his accusers have been told they may be called to testify in New York City.
The potential witnesses are not yet prepared to testify for the prosecution as Homeland Security investigators are reportedly still gathering evidence in the case.
A source told CNN that investigators want their charges against Diddy to be “bulletproof.”
The charges are not believed to be related to Diddy’s filmed attack on Cassie in 2016.