Rapper and hip-hop mogul 50 Cent has often spoken about his desire to be a billionaire businessman. He’s already racked up lucrative endorsement deals supporting everything from Vitamin Water to condoms. And he told Forbes this summer that he hopes to crack the Forbes 400 billionaires list, a rarity for a celeb.
So it’s fitting that much like the real members of the Forbes 400, Fiddy has also lost a sizable chunk of his investment portfolio in the stock market. The only difference: He’s lost millions, not billions. Bet that smaller net worth doesn’t seem like such a disadvantage anymore?
The Canadian Press: With stock markets and real estate values plummeting, times are tough across the United States – even for rapper 50 Cent, who reportedly made US$150 million last year but is still anxiously watching his investment portfolio sink and multimillion-dollar mansion languish unsold…
50 Cent – real name Curtis Jackson – actually bought [Mike] Tyson‘s old home in Farmington, Conn., in 2003 for US$4.1 million, and the “East Coast Playboy mansion,” as he’s nicknamed it, typifies the out-of-control excess that has bankrupted celebrities…
He’s been trying to sell it for US$18.5 million for more than a year now, and every night that he sleeps in the monster mansion he’s reminded of Tyson’s fall from grace.
“I’m waking up in a room that was previously Mike Tyson’s bedroom, a fighter who earned over US$500 million in his actual career, and when I purchased his house from him he was in bankruptcy,” he said.
“If that’s not a strong enough reminder for you, I don’t know what’s going to remind you to be aware of where you are financially and make conscious decisions.”
While his house remains unsold, he’s watching his investment portfolio shrink thanks to the financial crisis.
“Well yeah, I lost a couple million dollars already, you see what I’m saying? I sit with my investors and business managers and accountants looking at the numbers and I’m like, ‘Yo, the values of stocks in different areas that I invested in are decreasing!’ So I take the loss like everybody else.”
The sagging economy also persuaded him to delay the release of his new CD, “Before I Self Destruct,” which was supposed to hit stores in time for Christmas.
The release has been pushed back into the new year to get more airplay for singles and build up as much hype as possible to ensure that CD sales aren’t disappointing.
“Pushing it back was to position myself a little better. I want to make sure (buyers) hear some things before I actually get my CD physically on sale,” he said.
We’re not really buying the financial meltdown as an excuse for delaying the release of his album, but whatever helps you sleep in Mike Tyson’s bedroom at night…
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