Rapper 50 Cent is now worth about…………….. fifty cents.
I’m really sorry for that. Bankruptcy is a serious issue. According to the Wall Street Journal, 50 Cent has officially filed for Chapter 11 bankruptcy. Essentially, 50 Cent will be able to prove he will be able to get out of debt in due time, so his assets (boats, houses, cars) won’t really be affected. The petition 50 and his lawyer filed said that his assets and debt were within the $10 million to $50 million range.
The petition for bankruptcy came just three days after 50 was ordered to pay $5 million to Lastonia Leviston for leaking a sex tape of her and her boyfriend.
Just two month ago, Forbes reported 50 Cent as one of the richest men in hip-hop with a worth of about $155 million.
I’m sure 50 will be able to make it out of this okay, even if this means another mediocre album or two, but after all the times he clowns people, it seems karma has come back a bit to clown him.
SHAKE UPDATE: As presumed, this move wasn’t about Fif being broke, but rather an attempt to reorganize his many financial affairs.
“The filing allows Mr. Jackson to reorganize his financial affairs, as he addresses various professional liabilities and takes steps to position the future of his various business interests,” says William A. Brewer III, partner at Brewer, Attorneys & Counselors, and counsel to Mr. Jackson, in a statement to Billboard. “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.”