Recent news of rapper 50 Cent, born Curtis James Jackson II, filing for bankruptcy has left us all shocked and confused. 50 is involved in a number of business ventures from founding a headphones company, SMS Audio, owning part of a vodka brand, owning Frigo, a line of luxury men’s underwear, not to mention he is the chief executive of G-Unit Records.
However, this didn’t stop the “I Get Money” rapper from filing Chapter 11 bankruptcy. Documents filed in Connecticut showed that 50 listed his assets and debts to be in the range of $10 million to $50 million. 50 filed for bankruptcy only 3 days after a judge ordered him to pay Rick Ross’ ex-girlfriend Lastonia Leviston $5 million dollars after he intentionally leaked a 2009 sex tape of her and her boyfriend without her permission.
In 2014, he was sued by Sleek Audio for stealing the company’s product design and confidential private client information. Sleek Audio was awarded $16,181,578 in damages and lawyer fees.
50 claims he isn’t facing financial woes, but is taking the necessary precautions that any “good businessperson” would take in his situation. He stated, “You know when you’re successful and stuff, you become a target. I don’t wanna be a bullseye. I don’t want anybody to pick me as the guy that they just come to with astronomical claims and go through all that.”
He continued with, “Walt Disney has filed bankruptcy. Donald Trump has filed bankruptcy. It means you’re reorganizing your finances, but it does stop things from moving forward that you don’t want moving forward. I gotta descent (sic) legal team. You don’t have to worry.”
Earlier this year 50 made the Forbes list as the fourth wealthiest rapper with an estimated worth of more than $150 million.
