Ray J Nets Million-Dollar Deal Selling His Line of Electric Scooters
Ray J has sold his Scoot-E-Bike ride sharing business to the Canadian firm LOOPShare for a deal valued "in the high seven figures," TMZ reports
Ray J just made seven figures off of his two-wheelers.
The 38-year-old star has sold his Scoot-E-Bike ride-sharing business to the Canadian firm LOOPShare. Though the exact amount has not been disclosed, TMZ reports that Ray J earned “in the high seven-figures” for the deal.
He will also reportedly take 19 million shares in the company in exchange, providing forward momentum to the company’s development strategy.
Ray J announced the news with a video posted to Instagram, and shouted out early celeb supporters Diddy and sons Justin, Quincy and Christian in the caption.
“It’s time to take the transportation industry to the next level!!! #ScootEbike is now owned by #Loopshare and we have a better way to bring structure in the bike sharing space,” he wrote. “I can’t wait for you to see what we have in store!!! Get ready for the takeover! – big thanks to @diddy @quincy@kingcombs @princejdc for being the first to support the brand!!”
LOOPShare will reportedly provide users with a choice of three different types of scooter models to rent: traditional sit-down bike style, a stand-alone, and also a Vespa-like vehicle.