"We were the ones that we have been looking for" - Revolt CEO on employees leading the company after Diddy sells off stakes

Sean "Diddy" Combs has reportedly sold his majority stake in Revolt, a hip-hop news and entertainment company he co-founded. The news was announced in a statement shared on the company's website on Saturday, June 4, 2024, which read that shares held by the rapper "have been fully redeemed and retired."

Revolt CEO Detavio Samuels later addressed speculations over the company's ownership in a discussion with The Hollywood Reporter on June 4, 2024. As the current employees of the company will be getting an equity share, he explained:

"What makes me excited about the news to share today is just the realization that we didn’t need anybody else, that we were the ones that we have been looking for the whole time."

However, Samuels did not elaborate on what Diddy was paid for his stake. The I'll Be Missing You singer stepped down from his role as the company's chairman after several lawsuits accusing him of assault and r**e were filed against him.

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Diddy temporarily stepped down as Revolt chairman on November 28, 2023

According to the released statement, the media company would remain "black-owned and operated," adding that:

"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."

Samuels told The Hollywood Reporter that current Revolt employees will get share ownership in the company, and they will hold the largest stake rather than a single owner with a majority stake.

He added that other shareholders will hold smaller pools of capital. Explaining that these other shareholders are "all people who have been along for the ride for a long time."

Back in March, the CEO told the publication he was hoping to "set a new standard" where the employees who "give their blood, sweat, and tears" to the company reap the benefits of its success as well.

In a New York Times interview, Samuels revealed Diddy had "agreed to start the process of separation" from Revolt since January after a string of lawsuits were filed against him.

In November 2023, Combs' ex-girlfriend Cassie sued the rapper, accusing him of years of s*xual abuse and violence. At the time, Diddy's lawyers denied the allegations, and the case was settled.

Soon, several other lawsuits were filed against him forcing Diddy to temporarily step down from his position as Revolt chairman on November 28, 2023. At the time, the company announced:

"While Mr. Combs has previously had no operational or day-to-day role in the business, this decision helps to ensure that Revolt remains steadfastly focused on our mission to create meaningful content for the culture and amplify the voices of all Black people throughout this country and the African diaspora."

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As of June 2024, at least six people have allegedly filed lawsuits against the Bad Boy Records founder. The complaints include alleged harassment, violence, drugging, r**e, and unpaid wages.

While the music mogul initially denied all allegations, on May 17, footage showing him beating Cassie was made public by CNN. He later admitted to beating Cassie and apologized.