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

By Jordan Runtagh
January 25, 2019 01:35 PM
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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.

Astrid Stawiarz/Getty

“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.

Over the years, Ray J’s e-bike business has been given promotional help from the likes of Steph Curry, Snoop Dogg, and his own sister, Brandy.