Report: 50 Cent Files For Bankruptcy
July 14, 2015 at 4:30 AM (PT)
50 CENT -- who recently had an estimated net worth of $155 million -- has filed for bankruptcy
FORTUNE MAGAZINE reports, "The recording artist, who filed for bankruptcy under his real name of CURTIS JAMES JACKSON II, did so in U.S. bankruptcy court in CONNECTICUT. He listed his estimated assets between $10 million to $50 million, with liabilities in the same range. Those figures call earlier estimates into question."
The report notes that in addition to his income as a rapper, 50 CENT's "business dealings are almost equally legendary. He made a reported $100 million when VITAMINWATER, in which JACKSON was an investor, was sold to COCA COLA. Other moves were less successful: a clothing line has since shuttered, a headphones debacle resulted in a multi-million dollar lawsuit, and a vodka partnership failed to generate significant buzz on liquor shelves."
Some legal commentators suspect the bankruptcy is related to a $5 million settlement 50 CENT was ordered to pay a woman over a sex tape.