Why Is 50 Cent Bankrupt Now, And Why Are We Most Surprised?
It came as a shocker. Curtis James Jackson III, better known as 50 Cent, has filed for bankruptcy on Monday and the world is never the same again.
According to the document obtained by Morning News USA, the rapper has total assets amounting to $10 million to around $50 million and that his creditor number ranges from 1 to 49.
The news came just days after 50 Cent was issued a jury’s final decision requiring him to pay $5 million to a woman who accused him of obtaining a sex video and posting it online without her permission.
Now the question in everyone’s mind is, how in the world did this former #5 in Forbes’ wealthiest artists list become a no one in a span of one year?
According to AP, the lawsuit filed by Lastonia Leviston does not stop here. “The Manhattan jurors are set to continue deliberating next week on possible further, punitive damages” against the rapper,” the report said.
50 Cent was rich
50 Cent, apart from being an award-winning rapper, is known as a savvy entrepreneur with investments in different ventures. Mashable noted his achievements in the business sector.
1. He founded G-Unit Records, which specializes in gangsta rap and hip hop music, in 2003. He further signed a deal with Reebok to distribute G-Unit Sneakers for his G-Unit Clothing Company, which he teamed up with Marc Ecko of Ecko Unlimited.
2. He partnered with Vitamin Water’s Glacéau for a water drink known as Formula 50. It was reported that he earned $100 million net of taxes when Coca-Cola bought the company.
3. He also founded G-Unit Films and Cheetah Vision, which earned $200 million in funding in 2010.
4. He also tried to venture in the mining and heavy metal industries. He met with African billionaire Patrice Motsepe in 2008 after which he considered buying equity in the mining business.
Mashable noted that filing for bankruptcy is a move that will relieve the client from most debts and “lawsuit judgments” possibly including the lawsuit from Leviston. Any further punishment from the jury will also release the rapper from paying damages.
The lawyers of the rapper released a statement saying that 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.” All his business ventures “will remain unaffected during the course of the chapter 11 case.”
— Ryan Ruggiero (@RyanRuggiero) July 13, 2015
Now, there is a wise move.