As reported by Black Enterprise, Ray J, actor/music artist and little brother to actress/singer Brandy, has reportedly made a surprising business decision by selling his entire portfolio of Raycon Global shares to launch a new television platform, according to The Jasmine Brand.
Despite Raycon Global's impressive $300 million in revenue, the music/television star and entrepreneur has exited his post at the company to focus on media expansion with his new venture, Tronix Network. Insiders suggest that the new television network, created from a $5 million investment, aims to become a dominating force in entertainment television.
Ray J's potential gains from Raycon shares are estimated to range between $35 to $45 million, or even upwards of $85 to $100 million. By selling his Raycon shares, Ray J can secure more funding for Tronix and concentrate his efforts on his newest business venture.
Ray J co-founded Raycon Global with Ray Lee to serve as a wireless audio company backed by influencers. Although there are debates over how much stake Ray J possesses in the company, reports range from 61% to between 30% to 40%.
The announcement of his Raycon departure comes after his wife, Princess Love, filed for divorce from the singer for a fourth time.
The couple married in Los Angeles in August 2016 and went on to have their daughter Melody, 5, and son Epik, 4. When making public knowledge of their parting ways in an Instagram post last month, Love stated that the former couple will "remain committed to co-parenting our children and maintaining a positive and supportive family dynamic."
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