LOS ANGELES (AP) 鈥 Sean 鈥淒iddy鈥 Combs has sold off his stake in Revolt, the media company the rapper and entrepreneur founded over a decade ago.
Shares in Revolt held by Combs, who served as the company's chair, have been fully redeemed and retired, the Los Angeles-based company said Tuesday a statement on its website.
Revolt didn't disclose how much Combs was paid for his stake in the hip-hop news and entertainment company, which he founded in 2013.
In the statement, CEO Detavio Samuels noted that when he joined the company in 2020 he realized 鈥渙ur mission is bigger than any individual.鈥
Revolt also announced a new ownership structure that will give its employees an equity stake in the company, which streams shows online, such as 鈥淏lack Girl Stuff,鈥 and 鈥淭he Life of Draco," featuring rapper Big Draco.
The move comes as Combs' reputation has been sullied following several lawsuits filed late last year that raised allegations of sexual assault and rape on the part of one of hip-hop's most recognizable performers and producers.
In November, he was , who said he subjected her to a yearslong abusive relationship that included beatings and rape. Combs with Cassie, whose full name is Casandra Ventura, a few days after it was filed.
