According to The Source, William Norwood Jr. aka Ray J has secured a deal with his bike-sharing company ScootEbike that is projected to make over $200 million in 2020.
Back in January, LOOPShare, a micro-mobility and ride-sharing company that focuses on sustainable urban transportation, announced that it entered into an Asset Purchase Agreement with Raytroniks Corp. to acquire the ‘Scoot-E’ brand. As a result, Ray J ended up walking away with about $34 million and over 18 million common shares in LOOPShare. The ScootEbike/LOOPshare scooters are expected to hit the market in early 2020, offering users the ability to use advanced telematics and digital dashboard services.
The 38-year-old R&B singer is the founder of Raytroniks, which creates products like electric bikes, smartphone fans, smartwatches, and the signature Scoot-E-Bike. He also owns and runs Raycon.
Ray J was reportedly in the process of making a business deal with Death Row Records founder, Marion “Suge” Knight. Suge is currently in prison serving time after he pleaded no contest to voluntary manslaughter in a fatal 2015 hit-and-run and he is currently in prison after reaching a plea deal for a 28-year sentence.
“I just heard about the article being released regarding that Ray J has all my rights television, movies, books, you know all that type of stuff,” said Knight during a phone interview from behind bars. “He don’t. Ray J is not just a friend of mine, that’s little brother, that’s family.”
Knight went on to say that the Love and Hip Hop: Hollywood star will be handling the music side of Death Row Records. “I respect Ray J and his business dealings, that’s why I choose him as one of the guys to deal with the music side of the future for as Death Row Records, anything to do Death Row and it’s great to have him cause he will be putting out this incredible album and I heard it before.”
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