Curtis Jackson, better known as rapper 50 Cent, filed for Chapter 11 bankruptcy protection on Monday.
The filing comes just three days after the “Get Rich or Die Tryin'” rapper was ordered to pay $US5 million to his rival Rick Ross’ ex-girlfriend, Lastonia Leviston, who sued him for posting a sex tape online to millions of viewers in an attempt to embarrass Ross.
The Hollywood Reporter points out that “The chapter 11 filing allows him to reorganise his business interests, as opposed to a chapter 7 bankruptcy filing, which would mean liquidation of his assets.”
The rapper’s attorney further explained to THR:
“The filing allows Mr. Jackson to reorganise his financial affairs, as he addresses various professional liabilities and takes steps to position the future of his various business interests. Mr. Jackson’s business interests will continue unaffected in the ordinary course during the pendency of the chapter 11 case. 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.”
50 Cent was previously one of the world’s wealthiest rappers, largely thanks to his minority stake in Vitamin Water. In 2007, the Coca-Cola Company acquired Vitamin Water from Glacéau for $US4.1 billion.
According to The Washington Post at the time, “50 Cent was thought to have walked away with a figure somewhere between $US60 million and $US100 million, putting his net worth at nearly a half billion dollars.”
While the rapper no longer has an equity stake in the company, he continued to act as a spokesman for Vitamin Water.
In May, Forbes estimated 50 Cent’s net worth at $US155 million, ranking him No. 4 on the list of the wealthiest hip-hop artists.
The bankruptcy claim comes just days after The New York Times published a glowing profile of the rapper, praising his “exceptional business instincts.”
After The Journal broke the bankruptcy story, Twitter had a lot of jokes:
Apparently 50 Cent’s financial advisor is worse than his pitching coach
— Joe Kunkle (@OptionsHawk) July 13, 2015
“BREAKING NEWS: Rapper 50 Cent files for bankruptcy”This just unlocked a huge potential for comedians.
— Metro (@MetroPone) July 13, 2015
If only 50 cent had a nickel for every “50 Cent” joke.
— Justin Paterno (@zerobeta) July 13, 2015
50 Cent has filed for bankruptcy? That makes 0 Cents.
— Brett Phipps (@InverteBrett) July 13, 2015
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