It’s been reported that reality TV star Ray J is selling his stake in headphone and speaker maker, Raycon Global. The Jasmine Brand reports Ray J plans to use the proceeds of the sale of his Raycon Global shares to fund an investment in Tronix Television Network.
Raycon Global was formed in 2017 in a partnership between Ray J and New York-based consumer electronics distributor, Cowboy Wholesale, in a deal purportedly worth $31 million deal in equity and cash. To date, Raycon Global has $300 million in revenue, according to The Jasmine Brand. It’s speculated Ray J stands to make anywhere from $35 million to possibly over $80 million in the sale of his shares.
Ray J’s decision to redirect his investment dollars to Tronix Network stems from the startup’s potential to make an impact in the entertainment industry. A source with knowledge told The Jasmine Brand, “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.”
