50 Cent Files For Bankruptcy, Which Comes As A Surprise Considering His Successful Business Past — UPDATE
It doesn't sound like you'll be seeing Curtis James Jackson III in the club celebrating his birthday any time soon. According to the Wall Street Journal, which first broke the news, rapper 50 Cent filed for Chapter 11 bankruptcy on Monday. Court papers were filed in the U.S. Bankruptcy Court in Hartford Connecticut, where 50 Cent reported assets and debts each between $10 million to $50 million. The courthouse confirmed the bankruptcy news to Entertainment Weekly, as well. Based on the court documents, 50 Cent's "debts are primarily consumer debts," Also, according to Billboard, this isn't the first time the rapper's filed for bankruptcy. In May 2015, his boxing promotion company, SMS Promotions, filed for "relief under chapter 11 of the Bankruptcy code."
(Update: 50 Cent commented on his filing to E! News, saying, "I'm taking the precautions that any other good businessperson would take in this situation. You know when you're successful and stuff, you become a target. I don't wanna be a bulls eye. I don't want anybody to pick me as the guy that they just come to with astronomical claims and go through all that.")
Many might find this very surprising, especially since it seemed like 50 Cent was raking in the dough. According to EW, at one point, it was reported that the rapper had an estimated net worth of nearly half a billion dollars, mainly thanks to his involvement with Vitamin Water. If that isn't enough, based on a report released by The Washington Post in 2010, after Coca-Cola bought the Vitamin Water company in 2007, 50 Cent made somewhere between $60 million and $100 million.
In addition to his stake in Vitamin Water, 50 Cent is the founder of G-Unit Records and G-Unit Films, and the co-founder of the G-Unit Clothing Company. He's also an actor and executive producer on Starz's Power , which was renewed for a third season in June 2015. In 2015, Forbes reported that the 40-year-old rapper had a net worth of $155 million, and even earned the #4 spot on the magazine's Forbes Five, a list of the wealthiest hip-hop artists.
So how and why did this happen? Well, the bankruptcy news and filing comes a few days after a jury ruled that 50 Cent must pay $5 million to a woman who sued him for his connection to a sex tape she claimed was posted without her permission, the Associated Press reported on Friday, July 10. Also, as TMZ reports, in December 2010, 50 Cent's bank account was frozen after the rapper was ordered by a jury to pay a $16 million judgment after ripping off a headphone design.
These two cases may or may not be directly linked to 50 Cent filing bankruptcy, but they are a good indication that the rapper has had to fork over a lot of money thanks to court cases, which could easily land someone in such territory.
Images: Getty Images