Billionaire Sean “Diddy” Combs has sold his stake in Revolt.
According to USA Today, this has led to the company’s employees becoming part owners.
This move comes six months after the music mogul resigned as chairman of the company he co-founded in 2013.
What Now For Revolt After Diddy’s Departure?
The company announced that Revolt’s new owners will be its employees.
“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.”
The statement added:
“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.”
And:
“Aligned with REVOLT’s mission of changing the narrative of Black culture globally, this unprecedented move sets a new industry standard that will provide equity participation opportunities for current and future employees — many of whom come from groups that have been historically disenfranchised from such opportunities.”
The statement concluded:
“Shares held by the company’s former chair, Sean’ Diddy’ Combs, have been fully redeemed and retired.”
According to the CEO, Diddy and Revolt have separated from each other.
“He is no longer chairman. He is no longer on the board. He has no shares, no equity in Revolt. We have completely separated and dissociated from each other.”
In November, Combs left his leadership position in the company.
There wasn’t a reason for the business mogul’s departure, but its timing coincided with the several lawsuits he received, starting with Cassie Ventura.
