July 14, 2015


50 Cent Files for Bankruptcy to "Reorganize His Financial Affairs"

Dimitrios Kambouris/Getty Images
Dimitrios Kambouris/Getty Images

Update (7/14): 50 Cent's attorney has issued a statement regarding the rapper's bankruptcy claim:

"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. 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."

Original Story (7/13): Perpetual Forbes-list artist 50 "Curtis Jackson" Cent has filed for bankruptcy, the Wall Street Journal reports. "In court papers filed in the U.S. Bankruptcy Court in Hartford, Conn., Mr. Jackson reported assets and debts each in the range of $10 million to $50 million," the finance-minded paper writes.

50 Cent's 2015 net worth was pegged at $155 million back in May. Forbes summed up his fortune, or what appeared to be his fortune, tidily:

"Though he’s of the most successful rappers of the past decade, 50 owes most of his fortune not to music but to his $100 million haul from the sale of VitaminWater in 2007. He hopes to repeat the feat with stakes in new ventures including SK Energy, Effen vodka, Frigo underwear and SMS headphones, whose value increased in the wake of Dr. Dre’s Beats deal."

It's worth noting that Mr. Jackson was ordered on July 10 to pay $5 million in a lawsuit regarding a sex tape featuring the mother of Rick Ross' child.

50 Cent is one of the most successful hip-hop artists ever. He had No. 1 smashes with "In da Club," "21 Questions" and "Candy Shop" in 2003 and '05, and he's been gearing up to release his sixth album, Street King Immortal, this year. His 2014 record Animal Ambition—his first after a five-year break—sold a paltry 47,000 copies on its first week.

Fiddy has also acted in nearly 20 films, including Last Vegas, Get Rich or Die Tryin', and the upcoming Southpawboastingsoundtrack produced by/heavily featuring Eminem. (Fiddy's rapping on it, too.) (Hopefully it makes him some moolah.)