Ray J sells electric scooter company in a multimillion dollar deal

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Ray J’s scooting his way to billionaire boy status. After securing a multimillion-dollar deal with LOOPShare, the reality tv store is heading straight to the bank.

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Ray J sold his popular Scoot-E-Bike company to the Canadian ride-share business for a sweet 7-figures, TMZ reports. The trendy, foldable two wheels scooters come in a stand-up or sit-down versions and they’ve been seen around cities across the U.S.

Ray J will reportedly maintain a role in the company and he also has secured 19 million shares, according to the outlet. He made the announcement on Instagram.

“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. 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!! Loop Scooters trades publicly on the TSX-V under the Stock symbol: LOOP and USA Stock symbol: LPPPF.. Check it out!!!!”

A few years back, Ray J struck gold with a $31 million wholesale deal to launch his new brand of electric transportation, Raycon.

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That deal saw Ray J taking an active role in the partnership (Cowboy Wholesale) by overseeing global branding strategies and overseas marketing..

Raycon, is reportedly earning $2-$3 million in sales every month, according to the outlet.

TMZ reports that after Ray J sold his foldable scooters to LOOPShare, the stock went up 300 percent!