50 Cent filed for chapter 11 bankruptcy protection on Monday, July 13. This comes after the news that the rapper was ordered to pay $5 million for a sex tape he leaked without the woman’s consent. The video features 50 Cent’s snarky commentary, which he released in 2009 to embarrass the woman he was feuding with.
The news that the 40-year-old rapper and businessman, whose real name is Curtis Jackson, filed for bankruptcy left some fans scratching their heads and others making jokes on Twitter.
This recent bankruptcy filing is also making fans question how much money 50 Cent really has in the bank. The rapper obviously has more than 50 cents, since Forbes estimated his net worth to be at $155 million. According to the bankruptcy filing, 50 claims that his assets are in between the $10 million and $50 million range. Does that mean that Fiddy is trolling his fans about how much he really makes? Zack O’Malley told the Guardian that he thinks the “I Get Money” rapper may be pulling someone’s leg.
“It’s possible that he’s trolling a bit, but I tend to think that something like this wouldn’t be on the table if there weren’t a cash shortage.”
According to a written statement from 50’s lawyer, William A. Brewer III, this is more of a “strategic business move” rather than a financial downfall.
“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.”
Filing for Chapter 11 bankruptcy means that 50’s reorganizing his assets and debts. In the light of the sex tape lawsuit against Lastonia Leviston, the rapper will now have time to repay the $5 million owed to her.
50 Cent spoke out about his bankruptcy scandal at the Southpaw press junket on Monday night. The “Get Rich Or Dye Tryin'” rapper told ET’s Kevin Frazier that he’s not worried about his financial future.
“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. I have faith in the court systems. I know at points you gotta just relax and go through the process.”
The rapper, who loves to show off his lavish lifestyle on social media, told E! News that he’s not the only one who’s filed for bankruptcy.
“Walt Disney has filed bankruptcy. Donald Trump has filed bankruptcy. It means you’re reorganizing your finances, but it does stop things from moving forward that you don’t want moving forward. I gotta descent [sic] legal team. You don’t have to worry.”
50 Cent wants everyone to know his bankruptcy filing isn’t a reflection on how he handles his money. He just wanted to protect himself.
“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 [people] actually believe that I wouldn’t be conscious of who I am and protecting myself …”
Despite all of the Twitter jokes, the rapper isn’t as broke as it appears. In addition to his album sales and endorsement deals, 50 is also an executive producer on Starz’s hit series, Power, which is set to premiere its second season. According to a recent THR report, the rapper may make between $150,000 and $1 million per episode. The show was also given a Season 3 renewal in June. Just because 50 Cent filed for bankruptcy doesn’t mean he’s completely broke.
[Image: Charley Gallay / Getty Images for The Weinstein Company]