Ray J, the businessman, strikes again!
According to The Jasmine Brand, the superstar has officially announced plans to sell his shares in Raycon to launch a television platform, Tronix Network.
The move includes his departure from Raycon Global, the company responsible for taking him to greater heights as an entrepreneur.
Per sources, Ray J aims to reshape the entertainment landscape through the launch of Tronix Network.
“This isn’t merely about transitioning from one venture to another; it’s about seizing control of destiny’s helm and steering it towards his ultimate vision,” a source told the outlet.
No stranger to making deals to propel him to the next level, Ray J previously described the sale of his Scoot-E brand as a blessing in an interview with AFROTECH™.
“It was an interesting deal,” Ray J told AFROTECH™. “It was right before the pandemic, we sold it to a company called LOOPShare, out of Canada. Really good guys, and they had their own way of thinking about the name, the structure, and putting it in the bike-sharing world. So we needed them to come in and buy us out in a time where the bike-sharing industry was killing retail.”
He added, “It was probably one of the biggest blessing that that happened for me at the time because we were starting to look a little negative in the future for the company. So thank you, God, and thank you, LOOPShare.”
The question of what shares Ray J has in Raycon Global has also become the topic of discussion following the news.
At this time, the potential gains from the transaction are reportedly worth between $35 million and $45 million, according to The Jasmine Brand. However, some sources are saying it could amount to close to $80 million or even $100 million, “depending on the intricacies of the deal structure and the elusive ‘kicker’ that precipitated the sale.”
Despite making headlines outside of just his moves as a boss, Ray J is aware of the duality he possesses and uses it to his advantage at all times.
“I think most often they see us and see me, and it’s just about either fun, or it’s controversially entertaining, and I’m good with that too,” Ray J told AFROTECH™ previously. “I think me being inserted in some of these rooms, they really don’t know how big some of the things that we’re doing is, and how groundbreaking it is, and how hard it is to like you know sell hardware or electric transportation and overcome the obstacles and actually like lead the pack in different arenas.”
Either way the pendulum swings, Ray J, the businessman, is here to stay.
