Diddy‘s former Revolt shares have been “redeemed and retired” as the company’s employees have become the majority owners.
In a social media post on Tuesday (June 4), the media network said: “Revolt is honored and proud to announce that, in an unprecedented and historic move in the Black media space, our newly projected largest shareholder group are REVOLT’s current employees.
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“Our mission to become the largest media company powered by creators and fueled by the culture continues.”
Diddy founded the company in 2013 but resigned from his position as chairman late last year after facing several accusations of sexual assault.
Speaking to Variety, CEO Detavio Samuels explained how the company would be moving forward with their new ownership model.
“All of the data suggests that the companies that have incentive pools for their employees outperform the rest,” he said. “They perform better financially, they perform better with company morale and culture and they perform better as it relates to retention.”
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Employees of the company will be the largest equity shareholders, with others owning smaller pools of capital while there will be no single majority owner.
It is believed that Shea Moisture founder Richelieu Dennis bought Diddy’s shares but he will not be involved in the ownership structure of Revolt.
Samuels also shared his hopes for Revolt to set an industry standard when it comes to ownership: “Gone are the days where employees just go work for yet another rich family or yet another multi-millionaire or billionaire.
“I’m hoping that we set a new standard, which is the people who give their blood, sweat and tears to these companies every day deserve to participate in the success of the company from a strategy standpoint.”
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“I’m hoping that we get to that billion-dollar valuation, and when we do that, our employees will have generated generational wealth could have never imagined. So that’s the long term play for me,” he added.
Revolt previously announced Diddy’s departure from the company by saying: “While Mr. Combs has previously had no operational or day-to-day role in the business, this decision helps to ensure that Revolt remains steadfastly focused on our mission to create meaningful content for the culture and amplify the voices of all Black people throughout this country and the African diaspora.”
