50 Cent Declares Bankruptcy
50 Cent is no longer getting money. The rap mogul has filed for bankruptcy, three days after Rick Ross’ baby mama won a $5 million verdict against him.
A jury awarded Lastonia Leviston the judgement after determining that 50 intentionally leaked a sex tape in which she was featured, in order to embarrass his rival Ross.
50 has been ordered to produce proof of income and worth so the jury can determine punitive damages. The disclosure would have given a rare glimpse into his financial background.
According to the Chapter 11 bankruptcy filing, obtained by Page Six, Jackson has $10 to $50 million in assets and $10 to $50 million in liabilities. It puts his creditors at between 1 and 49.
Last year, 50 lost a court case in which a jury fined him $17.2 million for ripping off his SMS Audio headphones design.
The bankruptcy filing comes as a surprise as the hip-hop tycoon had a reputation for being among the wealthiest in hip-hop. Earlier this year, Forbes estimated his net worth at $155 million.
UPDATE: 50 Cent’s lawyer has released a statement (via Billboard) confirming that the rap mogul has filed for Chapter 11 bankruptcy in Hartford, Conn.
“The filing allows Mr. Jackson to reorganize his financial affairs, as he addresses various professional liabilities and takes steps to position the future of his various business interests,” says William A. Brewer III, partner at Brewer, Attorneys & Counselors.
“Mr. Jackson’s business interests will continue unaffected in the ordinary course during the pendency of the Chapter 11 case. This filing for personal bankruptcy protection permits Mr. Jackson to continue his involvement with various business interests and continue his work as an entertainer, while he pursues an orderly reorganization of his financial affairs.”
While promoting his new film Southpaw, 50 spoke out about the Chapter 11 filing, calling it a “strategic business move.”
“[The public] won’t see any adjustments … I’m clear on my target and I’m not going to allow myself to fall apart based on little things,” he told Reuters.