Sean 'Diddy' Combs Fully Sells Stake in Revolt, the Media Company Which He Founded

"We have completely separated and dissociated from each other," Detavio Samuels, chief executive of Revolt, told 'The New York Times'

• Sean "Diddy" Combs is no longer a majority stakeholder in Revolt, the media company which he founded

• According to Revolt's chief executive officer Detavio Samuels, the company has "completely separated and dissociated" from one another

• Revolt's employees are now the largest shareholder

Sean "Diddy" Combs has sold his majority stake in Revolt, the media company which he founded.

Ahead of the announcement on Tuesday, June 4, Detavio Samuels, chief executive officer of Revolt, told The New York Times that the hip-hop mogul, 54, "he agreed to start the process of separation" in January after there were several lawsuits made against him.

“One hundred percent of Sean Combs’ shares have been redeemed and retired,” Samuels told the publication in an interview. “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.”

Related: Sean 'Diddy' Combs' Accusers May Testify in Front of Federal Grand Jury: Report

In The New York Times story, Samuels confirmed that Revolt's employees are now the company's largest shareholder, however the amount Combs paid for his stake was not revealed.

According to NBC News, Revolt "will remain Black-owned and operated."

“Shares held by the company’s former chair, Sean ‘Diddy’ Combs, have been fully redeemed and retired,” the company told the outlet in a statement.

It continued: "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."

In November 2023, Combs temporarily stepped away from the music-focused television network he co-founded with Andy Schuon in 2013.

At the time, Revolt released a statement via social media announcing the "I'll Be Missing You" artist would no longer serve as the network's chairman, while a rep for the rapper told PEOPLE that it was a temporary move.

"Sean Combs has stepped down from his position as chairman of Revolt," the company's statement began. "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."

It continued, "Our focus has always been one that reflects our commitment to the collective journey of Revolt — one that is not driven by any individual, but by the shared efforts and values of our entire team on behalf of advancing, elevating and championing our culture — and that continues."

Since November 2023, Combs has been named in eight civil lawsuits.

At least six people have claimed in their filings that the Bad Boy Entertainment founder sexually assaulted or harassed — with the latest lawsuit filed on May 23. Some of the lawsuits included sex trafficking allegations, along with claims that the rapper drugged individuals against their will.

In November 2023, Combs' ex-girlfriend Cassie opened the floodgates with a bombshell lawsuit against him, alleging that the music mogul raped and sex trafficked her over the course of an abusive 10 years.

In the lawsuit, the singer (whose real name is Casandra Ventura), 37, claimed she was stuck in a decade-long “cycle of abuse, violence and sex trafficking” that included a 2018 rape after she tried to leave him, and multiple instances of domestic violence.

At the time, Combs' lawyer denied the allegations in a statement to PEOPLE, which he called “offensive and outrageous.”

He spoke out about the allegations on Dec. 6.

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Related: Sean 'Diddy' Combs Accused of Sexually Assaulting Sixth Woman in New Lawsuit

“ENOUGH IS ENOUGH. For the last couple of weeks, I have sat silently and watched people try to assassinate my character, destroy my reputation and my legacy,” Combs wrote in the statement, which was obtained by PEOPLE. “Sickening allegations have been made against me by individuals looking for a quick payday.”

By March 2024, his properties were raided by federal agents, which a Homeland Security Investigations representative told PEOPLE was "part of an ongoing investigation."

If you or someone you know has been sexually assaulted, please contact the National Sexual Assault Hotline at 1-800-656-HOPE (4673) or go to rainn.org.

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