AFRICANGLOBE – Rapper, actor and entrepreneur 50 Cent recently set social media on fire when he confirmed that he did indeed file for Chapter 11 bankruptcy. But the outspoken New York-born mogul is not afraid to talk about it.
He told the press, “I’m taking the precautions that any other good businessperson would take in this situation. You know when you’re successful and stuff, you become a target. I don’t wanna be a bullseye. I don’t want anybody to pick me as the guy that they just come to with astronomical claims and go through all that.”
He adds, “Walt Disney has filed bankruptcy. Donald Trump has filed bankruptcy. It means you’re reorganizing your finances, but it does stop things from moving forward that you don’t want moving forward. I gotta descent (sic) legal team. You don’t have to worry.”
Just earlier this year, Forbes listed 50 Cent AKA Curtis Jackson as the fourth wealthiest rapper with an estimated worth of more than $150 million dollars. In his bankruptcy filing, however, Jackson listed both his assets and debts in the $10 million to $50 million range.
According to rumors, he decided to file bankruptcy after a recent lost in a lawsuit where he was ordered to pay $5 million to a woman whose sex tape he allegedly obtained and leaked on the internet.
The bankruptcy filing is supposed to be a way to financially protect himself.
About His Career
50 Cent was signed by Eminem and Dr. Dre back in 2002, and was the first rapper ever to receive a $1 million record deal. Since then, he has sold over 30 million albums worldwide, and has won one Grammy Award, thirteen Billboard Music Awards, six World Music Awards, three American Music Awards and four BET Awards. In 2003, he launched his own record label, G-Unit Records and helped launch the careers of Lloyd Banks, Tony Yayo, Young Buck, and The Game. He reportedly still owns a mansion in Farmington, Connecticut that was formerly owned by ex-boxer Mike Tyson.
So what do you think? Is he broke? Or is he money smart?