Revolt announced on Tuesday (June 4th) that its employees will become the largest group of shareholders in the company.
The announcement follows a report in March that Sean “Diddy” Combs, who founded the company in 2013, had sold his shares to an unnamed buyer. Combs faces multiple sexual assault lawsuits, with two more allegations filed against him in May. has denied any wrongdoing.
In a statement on Tuesday, Revolt CEO Detavio Samuels said, “We've succeeded because we have a dedicated team committed to advancing our cause, our community and our culture every day.”
“Undoubtedly, they deserve to be a part of our growth,” he added, “and I couldn't be more honored to continue this journey with them, leveraging our collective strength, pushing boundaries and reaching new heights together.”
Talking to you The New York TimesSamuels also noted that “one hundred percent of Sean Combs' shares have been cashed out and retired” and “we have been completely separated and disconnected from each other.”
Combs stepped down as chairman of Revolt's board in November, shortly after he was accused of sexual and physical abuse by his ex-girlfriend, Cassie Ventura, who plays Cassie. (The lawsuit was settled a day later.) Earlier this year, federal agents raided Combs' homes in Miami and Los Angeles, part of what Homeland Security described as “an ongoing investigation.”
Samuels he said The Hollywood Reporter that Revolt has been unaffected by the accusations against its founder. “From [his departure], there was no interaction or anything in terms of leadership or driving the brand,” he said in March. “We didn't lose customers, we didn't lose employees, we didn't lose a dollar. The fourth quarter was the biggest quarter in Revolt's history and 2023 was the best advertising year we've had in Revolt's history. In every way it was a record, even in the midst of a crisis.”
It is more common for new media companies to offer their employees a stake in their success. Publications such as Defector, Hell Gate and 404 Media are owned by workers. The start-up Puck also offers employees “a small ownership stake in the company,” according to The New York Times.
