50 Cent is often held to the public as a beacon of hope and financial success, at least on the surface. But some say that things may not be all that it’s portrayed to be.
This week, the rapper filed for Chapter 11 bankruptcy protection in US Bankruptcy Court in Hartford, Connecticut. The rap mogul reportedly has a the kind of debt that would make the rest of us squeamish, according to The Business Insider.
“In court papers filed in the U.S. Bankruptcy Court in Hartford, Conn., Mr. Jackson reported assets and debts each in the range of $10 million to $50 million,” reports the Wall Street Journal.
This bankruptcy filing comes right after the rapper was ordered to pay $5 million dollars to a woman who sued him for releasing a sex tape online to millions of people. The woman, Lastonia Leviston, was the mother of the child conceived with a rival rapper, Rick Ross. Leviston says that the release of the tape led to humiliation and mental anguish, which a jury found to be worth millions.
“On top of that,” according to TMZ, “50 lost a court case in which a jury hit him with a $17.2 million judgment over ripping off a headphones design [in 2014]. It’s a breathtaking fall.”
So, it appears that the rapper has been hit with some serious financial haymakers that may end up leaving him in a tough financial situation. According to Forbes, the rapper’s net worth is estimated at $155 million, which leaves some people confused about why he would have to file for Chapter 11 bankruptcy protection. But often, these protections are afforded to businesses that are seeking to restructure their financeswithout having to liquidate important assets.
The rapper earned the lion’s share of his wealth back in 2007 when he won $60 to $100 million from a smart business deal with a Vitamin Water company. The company was sold to Coca Cola from Glaceau, and was reportedly worth $4.1 billion dollars.After this, 50 Cent (aka Curtis Jackson) eventually let go of his equity stake in the company, but continued to work as a spokesperson for the brand.
Share yourthoughts. Do you think this is the end of 50 Cent’s reign as one of the wealthiest entertainers in the world?