Breaking: Diddy Relinquishes Ownership Stake In Revolt Amid Continued Controversies — Employees Are Poised to Become the ‘Largest Shareholder Group’

Photo Credit: Richard Burdett / CC by 3.0

Diddy has “Gotta Move On” from Revolt, which has officially ceased counting the embattled rapper and entrepreneur as a shareholder.Diddy’s divestiture from the hip-hop media network, which he co-founded 11 years back, came to light in a concise statement shared with Digital Music News earlier today (Tuesday). The development has, of course, arrived amid a torrent of far-from-ideal coverage for Diddy, who’s facing a number of lawsuits, accusations, and a possible federal indictment.

Notwithstanding these new obstacles, Diddy has for some time been grappling with sexual assault allegations; following several related legal actions, the 54-year-old stepped down as Revolt’s chairman this past November.

Now, the New York City native has withdrawn from Revolt altogether, according to the mentioned Revolt article. The business opted to highlight Diddy’s divestiture in a single line, situated at the very bottom of the announcement. “Shares held by the company’s former chair, Sean ‘Diddy’ Combs, have been fully redeemed and retired,” the relevant sentence reads.

Furthermore, with the exit of Diddy as a stakeholder, Revolt identified current employees as “its newly projected largest shareholder group.” The specifics of that structure remain to be seen; per the text, the “allocation of equity participation will be rolled out over the next few months.”“We’re working diligently to ensure a smooth and fair distribution process,” added Revolt, which, according to its LinkedIn profile, has between 51 and 200 team members. Elaborating on said process, CEO Detavio Samuels expressed the belief that his company’s “most revolutionary chapter yet” is imminent.

“We are stepping into the most revolutionary chapter yet for REVOLT,” Samuels communicated in part. “When I joined in 2020, I quickly realized two things: Our mission is bigger than any individual, and we are the largest engine for transformative change that just so happens to be a media company.”

Subsequently, the former Urban One exec indicated that Revolt is “most proud of the transformation that our teams will experience as they shift from being employees to owners of the business they are helping to build.”

Bringing the focus back to Diddy – who would presumably still be part of Revolt in the absence of the above-highlighted allegations and controversies – a music producer only recently doubled down on claims of the artist’s involvement in a 2022 shooting.That alleged episode occurred at a Los Angeles recording studio and represents just one component of the multifaceted complaint submitted by the plaintiff, an individual named Rodney “Lil Rod” Jones. Diddy and his attorneys have pushed back against the overarching suit as well as the allegation that the rapper had a part in the shooting.