Ray J is shifting gears to enter the TV tech business. The transition comes as he sold his shares in Raycon, a company he co-founded, signaling a new chapter in his entrepreneurial journey.
All About Ray J’s Raycon
Raycon, a Black-owned consumer product tech firm specializing in audio equipment, particularly affordable earbuds, gained recognition for its products such as The Impact earbuds, which were listed among the best wireless Bluetooth earbuds by The New York Times’ Wirecutter.
Raycon has a earbud brands called The Everyday Earbuds that sells for $80 on the low end. Its Pro version goes for $150, a fitness version called The Fitness Earbuds, and The Impact Earbuds, being its premium signature, for $150, according to the website.
The decision to sell his shares in Raycon was announced on March 6 through a press release. Ray J, a former R&B star turned reality TV star, will be fully divesting his shares as part of a company buyback. The specific financial details of the sale remain undisclosed, since Raycon is a privately held company.
Ray J’s departure from Raycon aligns with his newfound focus on a new independent television venture named Tronix Network.
Raycon, under the leadership of CEO Ray Lee, still aims to expand its presence in the mobile market, introduce new audio product categories, and strengthen its foothold in regions like Europe and Asia-Pacific.
Raycon’s success story traces back to its origins as a lifestyle tech company based in Los Angeles. Raycon capitalized on the growing demand for more affordable wireless audio solutions.
In an interview in March 2021, Ray J discussed Raycon’s evolution into a formidable competitor in the audio industry, challenging established players like AirPods and Beats by Dre. He revealed impressive sales figures, with revenue reaching $73 million in 2020, though not officially confirmed.
Ray J’s departure makes way for him to follow his vision for Tronix Network, backed by an initial investment of $5 million, according to Jasmine Brand. The investment amount has not yet been confirmed.
Prior to exiting Raycon, Ray J sold his successful Scoot-E-Bike ride-sharing business to the Canadian firm LOOPShare in 2019. The deal valued “in the high seven figures,” TMZ reported. The deal also gave him a reported 19 million shares in the company, People reported.
The 43-year-old singer-producer-entrepreneur is worth an estimated $14 million, according to Wealthy Gorilla.
