Grammy-winning rapper 50 Cent, who was estimated to be worth around $155 million as recently as May 2015, has officially filed for bankruptcy.
The news comes less than a week after 50 Cent, 40, was ordered to fork over $5.0 million to Lastonia Leviston, the woman who sued him for intentionally editing and leaking her sex tape without her consent. The jury in this case is still also considering further punitive damages, based on the status of 50 Cent’s finances, which he’s been asked to disclose.
The entertainer and businessman, whose real name is Curtis James Jackson III, has filed for chapter 11 bankruptcy protection; this essentially means that he’s protected from creditors’ demands and is still allowed to retain involvement with his various entertainment and business operations while he reorganizes his finances. According to a statement from his attorney, 50 Cent will be taking steps to “position the future of his various business interests,” which have included a stake in the company Vitamin Water (which was bought out by Coca-Cola), a clothing line, boxing promotion, a clothing company (G-Unit), and an electronics company, not to mention his award-winning albums.
It’s unclear where all of 50 Cent’s money went, but according to the court papers filed in Connecticut, his assets and debts range from $10 to $50 million. Most of the arrears fall under the category of consumer debts, meaning they’re “incurred by an individual primarily for a personal, family or household purpose.”
The bankruptcy filing probably won’t phase 50 Cent too much since, as his attorney’s statement points out, his business ventures will continue as usual.
Gajanan, M., “Down to his last 50 Cent? Rapper files for bankruptcy,” The Guardian web site, July 13, 2015; http://goo.gl/bdoVdK.
“Rapper 50 Cent files for bankruptcy in the US,” BBC web site, July 13, 2015; http://goo.gl/ea9KKd.