Ray J secured the bag for his latest venture.
Ray J's career has spanned for over 20 years and he's built his resume as an artist, actor and television personality. However, he doesn't get as much recognition for his entrepreneurial skills. He's already built his own record label and he's revealed that he's already gotten into the tech world. Now, he's revealing that he's really diving deep in it.
Ray J just closed out a $31 million deal to help launch his own electronic transportation brand called Raycon, according to BusinessWire.com. The website says, "the $31 million deal, paid in the form of equity and cash, was finalized between Ray J and Cowboy Wholesale, a leading distributor of consumer electronics based in New York City." Ray J will be taking on an active role in the partnership while overlooking the marketing aspects as well as the global branding strategy of the company. Raycon is set to launch in mid-November. The website says that the company is a "premier global brand for innovative, high-demand electronics designed by celebrities."
Ray J is already the CEO of electronic brands, Raytroniks which carries the Scoot-E-Bike. Scoot-E-Bike is a two-wheeled, folding transportation device that meets between a bicycle and a scooter. People like Snoop Dogg, Diddy, Justin Bieber, Snoop Dogg, Chris Brown and Stephen Curry have been seen scooting around on it. Los Angeles Clippers and Los Angeles Rams have product placement with the company.
It's a solid move for Ray J who's distanced himself from celebrity activity for the most part. However, he has delivered some solid music throughout 2017. Earlier in the year, he was featured on Vince Staples Big Fish Theory on the single "Love Can Be," and also released a collaborative project with Chris Brown titled, Burn My Name.
Prior to that, he did have controversy surrounding his name. Earlier in the year, it was reported that he secured a million dollars to appear on Celebrity Big Brother UK. However, that didn't last long. The entertainer was later kicked off within a week of the show after blacking out on painkillers.
With his newly formed deal with Cowboy Wholesale, it looks like he made that million back anyways.