(NewsNation) —Embattled music producer Sean “Diddy” Combs, who faces multiple sexual assault allegations, has sold his majority stake in media company Revolt, the company he founded announced Tuesday.
The company said that its employees will now be its majority shareholders.
“Shares held by the company’s former chair, Sean “Diddy” Combs, have been fully redeemed and retired,” the company said in a statement.
Combs founded the company in 2013 as a music-oriented cable channel showcasing Black talent.
“REVOLT’s new ownership structure provides employees an equity stake as the company, while remaining Black-owned and operated, continues its mission to become the largest media company powered by creators and fueled by culture,” the company stated.
Combs continues to face intense personal and financial backlash stemming from multiple civil lawsuits alleging he abused and sexually assaulted several victims spanning over 30 years.
In the months since he’s been accused, at least 20 companies have pulled out of partnerships with Combs, including Peloton and America’s Best Contacts & Eyeglasses.
Soon after the accusations piled up, Combs stepped down as chairman of Revolt and began selling his shares in the company.
More than a dozen companies have removed themselves from Combs’ recently launched e-commerce website Empower Global, reported Rolling Stone.
Capital Preparatory Schools, a charter school co-founded by Combs, also ended their partnership with the music producer in November, reported Vulture.
The music producer has been slapped with seven civil suits in the last eight months, each containing a multitude of disturbing accusations.
Singer Casandra “Cassie” Ventura, who had been in a decadelong relationship with Combs in the early 2000s, filed a lawsuit in New York federal court last November alleging sex trafficking, human trafficking, sexual battery, sexual assault and gender-motivated violence, among other causes of action.
She settled the lawsuit with her former partner one day later, but her suit spawned several more alleged victims to come forward.
Hotel surveillance video from 2016 obtained by CNN appeared to show Combs violently attacking, kicking and shoving Ventura at the now-closed InterContinental Hotel in the Century City neighborhood of Los Angeles.
Two days later, Combs released an apology video admitting he beat Ventura in the hotel hallway.