Ray J Discloses Financial Troubles Before Tronix TV Network Launch

Ray J is an American musician best known for his successful singles “Wait a Minute” (2001) and “One Wish”(2005). However, in recent years, the singer has remade himself as an entrepreneur, following in the footsteps of artists such as Jay-Z, 50 Cent, and Beyonce, among others.

He went into business and began as an investor in the technology industry. In 2016, he launched the Scoot-E bike brand through his electronics company, Raytroniks, according to AfroTech.

However, in 2019, LOOPShare, a micro-mobility and ride-sharing firm, purchased the name for an estimated $34 million. According to rumors, Ray J walked away with over 18 million common shares in LOOPShare.

He co-founded Raycon Global at the time, but left to pursue a career in television.

“We moved from a $8 million-a-year firm to $40 million, and you know we keep over $80 million each year. Ray J told Afrotech that he believes there is room for more diversity and cultural inclusion.

Ray J is now in the television industry with his television platform, Tronix Network, and expects that his previous work with major networks such as VH1 and MTV would help him thrive.

“We started doing reality TV when it first began, and everyone had their own approach, or lane. We focused on dating. We focused on ensemble performances. Ray J told Forbes that he had worked with WeTV, BET, VH1, and MTV, and that they consistently produced successful shows.

“Then we went to the OTT side [over-the-top media service], and we worked with Zeus Network, and we gave them exactly what they needed to start their engine, and it be successful today with shows like ‘The Conversation,’ shows like ‘One Mo’ Chance’ and ‘Baddies.'”

On March 25, 2024, Ray J founded Tronix Network with a $1.5 million investment. However, launching the network presented complications. In an interview with Forbes, he said that he misinterpreted the terms of his $3 million loan to invest in Tronix Network.

According to him, this caused him to waste all of his funds and put him in financial hardship.

“I believed it was a completely other type of loan, and I misinterpreted it. Ray J told Forbes that he spent all of his money thinking he still had some left.”So that was a little strange, but I think being humbled like that and having two months to survive the trials of life was definitely something I needed, you know?” So, you practice being frugal, while we practice being realistic about money.”

Despite the setback, the musician and entrepreneur refused to let it define him. He remained resilient and motivated to see Tronix Network succeed. So far, he’s received a lot of favorable comments on the self-funded network.

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