The label created by Sean “Diddy” Combs recently commemorated 20 years of existence, but today the viral universe fanned rumors of Diddy shutting down Bad Boy.

With swirling hearsay reported that people have either been fired or moved on to other companies, a rep from Bad Boy officially confirmed with XXL that "Bad Boy shutting down is nothing more than rumors," and "isn't true."

Bad Boy houses acts like French Montana, Janelle Monae, Machine Gun Kelly, Red Cafe and King Los amid others.