Diddy’s shares in Revolt are officially retired, and the company’s employees now hold the majority ownership. In an unprecedented shift in the media industry, Revolt announced this groundbreaking change on social media, highlighting the empowerment of its workforce.
Revolt shared the news on Tuesday, June 4, stating, “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. Our mission to become the largest media company powered by creators and fueled by the culture continues.”
Diddy, who founded Revolt in 2013, stepped down from his role as chairman last year following several accusations of sexual assault. The company has since restructured its ownership model, with CEO Detavio Samuels providing further insights.
Samuels, in an interview with Variety, explained, “All of the data suggests that the companies that have incentive pools for their employees outperform the rest. They perform better financially, they perform better with company morale and culture and they perform better as it relates to retention.”
Revolt’s new structure allows employees to hold the largest equity shares, with other smaller pools of capital being distributed elsewhere. Crucially, there will be no single majority owner. It is believed that Shea Moisture founder Richelieu Dennis purchased Diddy’s shares, although he will not be involved in the ownership structure.
Samuels expressed his ambition to set a new industry standard with this model, stating, “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.”
He continued, “I’m hoping that we get to that billion-dollar valuation, and when we do, our employees will have generated generational wealth could have never imagined. So that’s the long-term play for me.”
Revolt confirmed Diddy’s departure, emphasizing that his exit ensures the company remains dedicated to its mission of creating meaningful content and amplifying Black voices across the nation and the African diaspora.
Revolt’s move to make its employees majority owners marks a significant shift in the media landscape, setting a potential precedent for other companies. With this new structure, Revolt aims to inspire a broader change in how companies recognize and reward the efforts of their employees.
