50 Cent is going on the record following his filing for Chapter 11 bankruptcy. While promoting his new film Southpaw, which opens July 24, Curtis Jackson assured his fans that he’ll be fine.
“I got a decent legal team. You don’t have to worry,” the hip-hop mogul told E! News.
He cited other business tycoons who have declared bankruptcy as a business strategy. “Walt Disney has filed bankruptcy before, Donald Trump has filed bankruptcy,” he said. “It means you’re reorganizing your finances, but it does stop things from moving forward that you don’t want moving forward.”
Last week, 50 was ordered to pay $5 million after leaking a sex tape starring Rick Ross’ baby mama, and he could owe even more when punitive damages are determined.
“When you’re successful and its publicly noted, you become a target. I don’t want to be the bullseye,” he said. “I don’t want everybody to pick me as the guy that they just come to [with] astronomical claims. I’ll take the precautions that any other good business person would take in this situation.”
In a previous interview with Reuters, 50 called the bankruptcy filing 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 said.
But he’s still able to laugh about it. He posted an Instagram photo of himself in a suit standing alongside a Smartcar with the caption: “Times are hard out here LMAO.”