Diddy is officially stepping down as chairman for his network REVOLT.

In a statement by REVOLT via Instagram on Tuesday (November 28), the Black music media company said it will continue its content creation mission.

“While Mr. Combs has previously no operational or day-to-day role in the business, this decision helps 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,” the statement reads. “Our focus has always been one that reflects our commitment to the collective journey of REVOLT — one that is not driven by the individual, but by the shared efforts and values of our entire team on behalf of advancing, elevating, and championing our culture and that continues.”

The news comes as the Bad Boy Records founder was hit with three sexual assault lawsuits, including one made by his ex-girlfriend Cassie Ventura earlier this month.

Following the announcement, 50 Cent jokingly claimed he would buy REVOLT from Diddy for “a few dollars.”

“I’ll buy that from you play boy , for the low because you know Cadillac and AT&T gonna pull out,” 50 captioned an IG post featuring a news headline of the development. “I’ll give you a few dollars for it now! Sell it to me, then we can be friends 😳I’m serious call my phone 📱 @bransoncognac @lecheminduroi.”

Diddy’s charter school also announced it would be parting ways with the rapper. Via a statement from Dr. Steve Perry, the founder of Capital Prep Harlem (which Diddy helped open in 2016), the move is in the “best interest” of the institution’s future.

“Following a comprehensive evaluation, a decision has been made to end the partnership between Capital Preparatory Schools and Sean Combs,” the school’s website reads. “While this decision was not made lightly, we firmly believe it is in the best interest of our organization’s health and future.”