According to The Jasmine Brand, Ray J plans to depart his role at Raycon Global and sell his shares to launch his new television platform, Tronix Network.
The 43-year-old entertainer and entrepreneur is exiting the company he made worth $35-45 million with plans to transform Tronix Network into a platform that will reshape the entertainment landscape. An inside source told TJB that Ray J’s move is about controlling his own destiny.
“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,” said the source.
Ray J’s Raycon products included bikes, eyewear, and audio devices. The brand elevated the entertainer’s portfolio and earned him positions at other companies like Krystal restaurants.
Ray J’s shares in Raycon are valued at around $35 million, but sources say that his shares are actually close to $100 million. “Depending on the intricacies of the deal structure and the elusive ‘kicker’ that precipitated the sale,” the source told Jasmine Brand.
Ray J has an announcement planned for March 18 – according to a single post on his Instagram account. He is a pioneer in television with original reality shows like Love For Ray J (2010), Brandy and Ray J: Family Business (2011), and Bad Girls Club All-Star Battle (2013,2014).
Exit news comes after Ray J and his wife, Princess Love, announced divorce in February. Love would release a statement on Instagram regarding the split for a fourth time.