Sean 'Diddy' Combs sells off main share in Revolt, his personal media corporation.
Revolutionary media company, Revolt, has exciting news - its biggest group of shareholders are now its staff. In a statement, a representative of Revolt shared that this new ownership setup permits employees who contribute to the growth of the organization to reap the rewards of its success, following a growing pattern in the industry of equity sharing.
CEO Detavio Samuels shared his excitement, saying, "We're incredibly proud of the transformation our teams will undergo, as they transition from being employees to owners of the business they are helping to create. Black culture is worldwide culture, making Revolt a potent platform for creators shaping global culture. This allows us to build a formidable storytelling engine for Black voices."
The spokesperson for Revolt confirmed that Combs' shares have been completely redeemed and erased.
In November, Combs relinquished his role as Revolt's chairman after being named in various lawsuits, where he stands accused of sexual assault, and other unlawful activities. So far, Combs has denied any wrongdoing.
Representatives for Combs have yet to provide comment on the matter.
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Revolt's shift towards employee ownership in the entertainment industry has been widely celebrated, providing an opportunity for staff to directly benefit from the company's success. This new structure aligns well with the increasing trend of equity sharing in the sector, empowering those who contribute to the company's growth.
