Sean “Diddy” Combs founded Revolt in 2013 but after disturbing assault allegations emerged against him he was forced to sell his majority stakes in the media company.
“Shares held by the company’s former chair, Sean “Diddy” Combs, have been fully redeemed and retired,” the company announced. Now, according to the firm, the majority shareholders of it are its employees.
“REVOLT’s new ownership structure provides employees an equity stake as the company, while remaining Black-owned and operated, continues its mission to become the largest media company powered by creators and fueled by culture,” the company said in a statement.
It was the second setback the music mogul faced regarding to his company after he was last year stepped down from the company’s chairman which he founded to promote Black talent.
Revolt is not the first company that distanced itself from the embattled rapper who was facing multiple sexual assault allegations —an estimated 20 companies similarly left him in the middle of the controversy.
Source: People
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