Revolt announced on June 4, 2024, that shares held by its former chair, Sean “Diddy” Combs, had been “fully redeemed and retired.” The company also said its current employees would become its largest shareholder group through an employee equity participation structure. Revolt did not disclose how much Combs was paid, and the available reporting does not identify an outside buyer.
What Revolt announced
In its June 4, 2024 announcement, Revolt described Combs’s shares as “fully redeemed and retired.” That is the company’s stated description of the transaction; it does not establish that a named outside party bought his stake. The Associated Press reported that the price paid was not disclosed.
Revolt also said current employees were the newly projected largest shareholder group and that equity participation would roll out over the following months. The announcement did not state the group’s final ownership percentage or how much equity any individual employee would receive.
What is known—and what is not
| Question | What the available sources establish |
|---|---|
| When did Revolt announce the change? | June 4, 2024, according to Revolt’s announcement. |
| What happened to Combs’s shares? | Revolt said they were “fully redeemed and retired”; it did not identify an outside buyer in the announcement. |
| How much was Combs paid? | Not disclosed, according to the Associated Press. |
| What percentage would employees own? | Not stated in the announcement; it described employees as the projected largest shareholder group and said participation would roll out over the following months. |
| Was a company valuation announced? | No valuation is stated in the cited announcement or AP report. |
How the change unfolded
- 2013: The Associated Press identifies this as the year Revolt was founded.
- November 2023: Combs stepped back as chair, according to contemporaneous reporting summarized by the AP; Revolt’s June 2024 announcement referred to him as its former chair.
- June 4, 2024: Revolt announced that his shares had been redeemed and retired and outlined employee equity participation.
- 2025: The AP later described Combs as having stepped down and fully divested from Revolt, in its report on his business ventures: “After Diddy’s conviction, here’s where his business ventures stand.”
Who owns Revolt now?
The June 2024 announcement supports a specific, limited answer: Revolt said current employees were the projected largest shareholder group under its equity participation structure. It did not publish a complete ownership breakdown, final employee allocations, or details of governance rights. The announcement therefore does not establish that employees owned all of Revolt or provide a full current cap table.
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Revolt is a media company whose programming includes hip-hop culture, R&B music, social justice, and documentaries, according to the AP. Its 2024 report cited online shows including “Black Girl Stuff” and “The Life of Draco.”
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What Revolt said about employee ownership
CEO Detavio Samuels framed the change as a shift in employees’ relationship to the company. In the June 4 announcement, he said: “Today, we are most proud of the transformation that our teams will experience as they shift from being employees to owners of the business they are helping to build.” That statement describes the company’s intended structure and its leadership’s view of the change; it does not supply the missing ownership percentages or implementation details.
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