REUTERS/Lucas Jackson
- Sean "Diddy" Combs is no longer an owner of the media company he helped found.
- Combs sold his majority stake in Revolt following a slew of allegations from people once close to him.
- The company said its employees would now be the largest shareholders.
Sean "Diddy" Combs has sold his majority stake in Revolt, the media company he cofounded.
As first reported by The New York Times, the organization announced Tuesday that Combs had officially sold his shares, over a decade after Revolt launched.
With this sale, the private company's largest shareholder group now consists of employees, the Times reported.
"Shares held by the company's former chair, Sean 'Diddy' Combs, have been fully redeemed and retired," the company wrote in a press release.
Revolt CEO Detavio Samuels confirmed the news to the Times ahead of Tuesday's announcement. The press release announcing the ownership change assured that Revolt would remain Black-owned.
"We are stepping into the most revolutionary chapter yet for Revolt," Samuels said in a statement.
Samuels added that the organization was "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."
Combs is facing a lawsuit, among others, from his former longtime girlfriend Casandra Ventura, who has accused him of sexual abuse. Combs' lawyer previously said the hip-hop star "vehemently denies these offensive and outrageous allegations."
Meanwhile, federal authorities have raided two of his homes.
Following the sexual-assault accusations, Combs stepped down from his role as the chair at Revolt as rumors swirled that he'd be selling his shares.
"Black culture is global culture," Samuels said, "and Revolt's superpower is being the home for creators that move culture globally, allowing us to build the most powerful storytelling engine for Black voices."