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Tumblr founder David Karp had a billion reasons to celebrate in Cannes last night.

After selling his wildly popular platform to Yahoo for $1.1 billion, the 26-year-old high school-dropout, partied with Sean “Diddy” Combs at the Cannes Lions festival.

The newly minted multi-millionaire was surrounded by women as he downed bottles of Dom Perignon Lumiere at jet set club Gotha, where Diddy spun records and performed until 4 a.m.

Also at the lavish party was rapper Nas, Steve Stoute and a host of top ad execs.

Tumblr has a strong presence at Cannes, sponsoring the Gutter Bar, the scene of much late night drinking and partying. The tech company has even reportedly been ferrying ad executives by helicopter to St. Tropez for meetings.

Karp had earlier yesterday given a presentation to delegates at the festival, dubbed the Oscars of the advertising world.

But during the speech he insisted he wasn’t on the French Riviera to party. He said, “A lot of my friends have come to the Gutter Bar, but I have mostly been waving from across the road, sitting under a palm tree.”