After the split verdict in his federal sex trafficking and racketeering conspiracy trial was read, acquitting him of the most serious offenses, Sean "Diddy" Combs turned to his family and exclaimed, "I'm coming home, baby!"

After a two-month trial, the New York jury found the 55-year-old hip-hop mogul not guilty of racketeering conspiracy, the most serious charge.

The jury did find him guilty of two counts of transportation to engage in prostitution, one in connection with his ex-girlfriend, Cassie Ventura, and one in connection with an ex-girlfriend who testified under the pseudonym "Jane."

He was found not guilty of both charges of sex trafficking by force, fraud, or coercion in connection with Ventura and "Jane."

When the verdict was read in the Manhattan federal courtroom on Wednesday, Combs was overcome with emotion, his feet visibly shaking throughout the reading.

He pumped his fist slightly when he heard he was found not guilty of racketeering conspiracy. Some members in the gallery gasped.

Combs continued to look straight ahead as the remaining verdicts were read. When he heard the first guilty verdict, he rubbed his forehead.

When Combs was found not guilty of sex trafficking in connection with Ventura, there were screams of joy in the gallery.

There was very little reaction from Combs' family as the verdict was read. His son Justin leaned down and put his head in his lap while others looked straight ahead. Dana Tran, the mother of his youngest child, was in tears.

As each juror confirmed that the verdict read was accurate, Combs nodded his head and mouthed "thank you" to each of them.

When the verdict was confirmed and the judge gave the jurors instructions, Combs turned in his seat to his family and said, "I'm coming home, baby! I'm coming home!"

As the jury left the courtroom, Combs clasped his hands in front of his chest and again mouthed, "Thank you."

Combs kneeled on the ground and appeared to pray briefly after the jury was out of the room.

After the judge left the bench, the defense team hugged and congratulated each other and the Combs family broke into applause. One person exclaimed that the defense attorneys were the "dream team."

As Combs left the courtroom, he said to his family, "I love you, I'ma be home soon."

Sean Combs' mother, Janice Combs, told ABC News as she left the courtroom that her heart was fluttering as the verdict was read.

His son Christian told ABC News outside the courthouse, "We love everybody watching. We’re so happy, my Pops is coming home. God bless."

U.S. District Judge Arun Subramanian said he will decide whether Combs gets released on Wednesday.

He said the decision might take some time -- including giving the lawyers time to write letters arguing for and against release -- but will happen sometime on Wednesday.

Defense attorney Marc Agnifilo said Combs should be released on Wednesday and argued for $1 million bond.

"I am not saying it is not a serious crime. It is a crime of a vastly different nature," he said. "I believe that a significant change in conditions is warranted."

When the judge said he thought Combs likely didn't want to return to Metropolitan Detention Center Brooklyn, Combs comically shook his head no and put up prayer hands, as the gallery broke out in laughter.

Combs has already served about nine months in federal prison while awaiting trial.

Each charge of transportation to engage in prostitution carries a maximum sentence of 10 years in prison.

Assistant United States Attorney Maurene Ryan Comey said the government plans to pursue "significant incarceration" for Combs.