Music, News

Rap Artist 50 Cent Files for Bankruptcy Protection

50 Cent’s Money Problems

50 Cent

Curtis “50 Cent” Jackson shocked the entire entertainment universe early this week when it was revealed that he filed for chapter 11 bankruptcy protection in Hartford, Connecticut on Monday, July 13, 2015, reporting assets and debts between $10 million and $50 million. The bankruptcy filing comes days after a judge ordered him to pay $5 million to a Florida woman named Lastonia Leviston (the mother of rapper Rick Ross’ child) who sued him after he allegedly acquired a sex tape of her and her ex-boyfriend, sharing it without her consent.

Known for the 2007 street anthem, “I Get Money” from his third album, Curtis, 50 Cent filing for bankruptcy caught his fans and haters by surprise. Two months ago, Forbes magazine reported that 50 Cent’s net worth was at $155 million. He derived most of his fortune from the sale of Vitamin water in 2007 when Coca-Cola purchased Glacéau for $4.1 billion and, according to Forbes, 50 Cent, who was a minority shareholder, earned $100 million from the deal after taxes. The power move put him in the top 5 wealthiest hip-hop artists with his fellow contemporaries: Puff Daddy, Dr. Dre, Jay-Z, and Bryan “Birdman” Williams.

Curtis “50 Cent” Jackson did not seem faze about his bankruptcy. He wasn’t afraid to shed light on the financial circumstances currently facing him with Entertainment Tonight.

“I’m not panicking. People love tragedy more than they love good news, no matter how you look at it. The news comes on, and it’s 90 percent tragedy,” 50 Cent told Entertainment Tonight co-host Kevin Frazier on Monday at the Southpaw press junket. “I have faith in the court systems,” he continued. “I know at points you gotta just relax and go through the process… I make decisions to do things based on the position that I’m placed in at points and if I’m consistently being made out to be a target because of my financial situation …If actually believe that I wouldn’t be conscious of who I am and protecting myself …”

50 Cent plays Kanan in the popular American drama television series airing on Starz called Power, which he executive produces. 50 Cent is also starring in the upcoming boxing drama Southpaw.

By Shamarie Knight, 14th Jul 2015


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