This week, rapper 50 Cent was caught in quite a huge lie and now he is in very hot water.
50 insisted in a bankruptcy hearing last July and again in another hearing this February that he was broke and could not even afford to pay $7 million to Rick Ross’s ex, Lastonia Levenson, as a penalty he owed her for releasing a sex tape of her. 50 Cent’s net worth was even filed as $16 million (but with liabilities within the same range) as recently as this February.
But recent documentation reported by the Daily Mail found 50 Cent’s net worth is at least $118 million, and likely much more. In other words, 50 was caught out and will now have to pay — literally — for his lies, which constitute severe crimes as far as the courts are concerned.
Prior to the February 2016 50 Cent bankruptcy hearing, 50 Cent’s Instagram had been plastered with photo in which 50 was depicted with more than a little money. He has continued posting the photos even after the trial, and the one embedded below was put up within the past week.
50’s lawyers insisted that the money was not his and the photos were only staged to promote 50 Cent’s “get rich or die tryin'” rapper image, but Judge Ann Nevins did not buy the story. That, combined with the logical conclusion that 50 Cent’s album sales, royalties, shows, and other public appearances, which were all still ongoing, must have been raking in at least a decent amount of money for 50, led Nevins to dig further into evidence of 50 Cent’s net worth.
What she found along with some help from the Daily Mail was shocking: 50 Cent actually boasts over $64 million in assets and property (including the crib in Africa he has not hesitated to advertise on Twitter), $10 million more in the bank, and a few businesses worth a total of at least $44 million, according to an official asset declaration form viewable here.
My crib is almost finished in AFRICA. I'm gonna have the craziest House warming party ever. I'll… https://t.co/eZXiYL8jpn— 50cent (@50cent) September 5, 2015
So, needless to say, 50 Cent is not broke. Far from it, in fact. Even after liabilities are deducted, 50 Cent’s net worth — over $80 million — is far more than most Americans, even wealthy ones, make in their whole lives.
In a recent statement, reports Hip Hop DX, 50 Cent said he had filed for bankruptcy as a safety precaution.
“It’s for protection, so I’m not taken advantage of,” he said, all the while maintaining that his monthly liabilities did in fact outweigh his income in the same amount of time.
But Nevins, 50 Cent’s bankruptcy judge, seemed to think 50 was the one taking advantage.
“There’s a purpose of having a bankruptcy process be transparent,” Nevins explained during the February hearing. “And part of that purpose is to inspire confidence in the process.”
So, what will happen to 50 Cent, the infamous “Candy Shop” crooner, now that he has been caught in a lie?
Well, the answer is not exactly clear, but it will certainly be interesting; Rolling Out comments that “one can only wonder how these new seemingly concrete revelations will go over with Judge Ann Nevins.” But what one can be sure of is that 50 is in deep trouble.
And that’s not to mention the tens of millions 50 Cent owes and will have to pay now that his money has been exposed. He owes creditors over $30 million, reports TMZ, and he also has the $7 million sex tape fine to pay to Lastonia Levenson.
What do you think about all this? Do 50 Cent’s bankrupt lies ruin the rapper’s reputation? Or was it just a stupid mistake that can be swept under the rug? Let us know by commenting below.
[Photo by MJ Kim/Getty Images]