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Ray J Shares How Misunderstanding The Terms Of A Loan 'Humbled' Him While Starting His New Television Network

Ray J has launched a new television network. The singer and entrepreneur just launched a television platform, Tronix Network, on Monday, March 25, 2024. While the R&B singer started out in the music industry, creating hits such as “Wait A Minute” in 2001 and “One Wish” in 2005, he has since tapped into his business side and ventured into other areas to generate revenue. Before deciding to create a new TV network, Ray J was known for his time investing in the tech industry. He first broke ground in 2016 with his Scoot-E bike brand, which launched through his electronics company Raytroniks. In 2019, the brand was acquired by micro-mobility and ride-sharing company LOOPShare in a deal reportedly worth about $34 million, per The Source. Ray J also supposedly walked away with more than 18 million common shares in LOOPShare, according to the outlet. He strengthened his presence in the sector, pivoting to Raycon Global, which he co-founded in 2017, as AFROTECH™ previously told you. “We...

Mar 26, 2024

Ray J's Scoot-E-Bike Company is Set to Reach $200M in 2020

Ray J is doing big things in the tech world. According to The Source, he secured a deal with ride-sharing company, LOOPShare, for his Scoot-E-bike. The Source reports that William Norwood Jr. also known as Ray J walked away from the deal with $34 million and 18 million LOOPShare shares. According to Hot New HipHop (HNHH), Ray J created Scoot-E-bikes after a disagreement with his girlfriend. “Next time you get into it with your girl, start a business,” Ray J said on an episode of “The Vince Staples Show.” “Last time I did that, I created the Scoot-E-bikes. I got so rich I bought her a helicopter.” Scoot-E-bikes are set to release in 2020 and projected to earn over $200 million, then $2 billion over the next two years. Ray J’s Raytroniks Corporations had a bump in 2017. According to HNHH a former business partner of Ray J, Jean Paul, sued Ray J for starting a competing company. However, HNHH reports that the two settled for an undisclosed amount. Ray J is no stranger to the tech...

Nov 18, 2019