Ray J is taking the business world by storm with his multi-million dollar electric transportation brand. The singer and reality star closed a $31 million deal to launch Raycon, according to a Thursday, Nov. 9 press release.
“The world is moving towards renewable green energy, and electric transportation is a big part of that,” Ray J said in a statement. “With the Raycon movement, we are going to make sure we are one of the first ones there.”
Established in partnership with Cowboy Wholesale, a New York-based leading consumer electronics distributor, Ray J will take a full-time position with Raycon overseeing marketing and global branding strategy.
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The star said his new company is the next step for his business enterprises. One of those is Raytroniks, Ray J’s digital business launched in 2016 that is responsible for the Scooter-E-Bike. The foldable, two-wheeled, 100 percent electric vehicle reaches speeds of up to 20 mph and drives up to 30 miles per charge.
While many may have clowned him when he launched the business, Ray J said the vehicle, which was backed by celebrity endorsements from Steph Curry and Diddy, was a new start.
“I finally now can transition from music and TV, something that I love to do but, you’re getting paid for your talent so you’re showing up and you’re getting paid to show up,” he told Black Enterprise. “At some point, you gotta branch out of that and start taking some money that you make and investing it in something that could be profitable, or take a loss, you know, whatever it is. It can’t be Groundhog Day in an entertainment world.”