50 Cent Files For Bankruptcy
In May, Forbes reported that 50 Cent was worth an estimated $155 million dollars. Now, just two months later, 50 Cent has filed for bankruptcy.
The Wall Street Journal reports that the founder of G-Unit Records/Clothing, SMS Audio, and a partner in Vitamin Water has filed for bankruptcy today (July 13). Curiously, the filing comes in the midst of a $5 million award to a mother of Rick Ross’ children. Lastonia Leviston, the recipient of the July 10 award, sued the rapper born Curtis Jackson, III for damages, following a leaked sex-video that reportedly drove Ross’ former lover to thoughts of suicide. A jury deliberated in just 70 minutes on Friday in a Manhattan courtroom, forcing the mid-seven-figure order. The popular video’s release, charged specifically to 50 Cent, came more than five years ago, following a feud between he and Ross. In addition to the $5 million penalty, Fif’ was ordered to show five years of earnings to help determine punitive damages. Instead, this morning, the court received notice of bankruptcy.
The Chapter 11, Connecticut bankruptcy filing is reported to state that Jackson has $10 to $50 million in assets, with $10 to $50 million in liabilities. Two months ago, one of 50’s companies—a boxing division—filed for bankruptcy. At the time, the federal judge ruling in the Leviston case ordered that the trial would proceed, and reportedly threatened the former Shady/Aftermath/Interscope Records bread-winner (and 2006 “Hip-Hop Cash King”) with additional sanctions.
It has been more than five years since a new 50 Cent album achieved a gold or platinum plaque. Last year’s completely independent Animal Ambition was a Top 5 debut, scanning more than 100,000 confirmed sales.
Other iconic Hip-Hop figures to file for bankruptcy include diamond-certified 1990s star M.C. Hammer, Death Row Records co-founder Suge Knight, hit-making producer Scott Storch, multi-platinum artist DMX, and 50’s G-Unit band-mate, Young Buck.
Is 50 Cent really broke, or pulling a fiscal fast-one to avoid paying for revenge-porn?