Ray J’s business insight has brought him a million dollar deal for his Scoot-E-Bike company. According to TMZ, Ray J sold his business to Canadian company LOOPShare for an amount around 7-figures. Ray J is still set to control 19 million shares of the company while still being in charge of the creative process and the development of scooters. The company is set to produce three models of the scooters. The stand-alone scooter will definitely make Ray J a very rich man.
The bikes will begin production in the United States and Canada, with the ultimate goal to make it global. The bikes have a top speed of 20 mph, and can travel up to 30 miles per charge, while limiting pollution. Ray J has turned down multiple television deals in order to pursue his tech ventures, and so far his decisions are paying off. Ray J’s Raycon company is reportedly making around $2-3 million in sales every month.