The filing was a surprise to 50 Cent fans as The New York Times just described him as a man of “exceptional business instincts” and Forbes pegged his net worth at $US155 million in May, thanks largely in part to a massive deal with Vitamin Water in 2007.
While the rapper’s lawyer said “The filing allows Mr. Jackson to reorganise his financial affairs,” many others believed it could be a protective move after 50 Cent was ordered on Friday to pay
Lastonia Leviston $US5 million as a result of a sex tape that he posted in 2009 allegedly as part of an attempt to stir the pot with rival rapper Rick Ross.
On Wednesday night, 50 Cent appeared on TBS’ “Conan” to promote his new movie “Southpaw” and addressed this week’s big news about his finances.
“Yeah, I need protection,” 50 Cent explained to Conan. “You get a bullseye painted on your back when you’re successful, and it’s public, you become the ideal person for lawsuits.”
Conan then noted that 50 Cent looked to be doing pretty well, and referenced the rapper’s Instagram post joking about the bankruptcy, captioning the below, “Times are hard out here LMAO.”
“Times are hard out here, for real,” 50 Cent confirmed to Conan, while revealing, “That picture was actually taken by Jake Gyllenhaal. Total empty parking lot, so he took the picture.”
Watch the interview clip below:
Business Insider Emails & Alerts
Site highlights each day to your inbox.