14 DAY TRIAL // A few days ago, 50 Cent was ordered to pay $5 million (€4.54 million) in a lawsuit filed against him by Lastonia Leviston, Rick Ross’ baby mama. Fiddy allegedly obtained an adult tape of Lastonia and her boyfriend at the time and leaked it online to taunt Rick Ross.
Hours ago, 50 Cent (real name Curtis Jackson) has filed for bankruptcy, even though less than 2 weeks ago his net worth was estimated by Forbes at $155 million (€140.8 million). According to documents obtained by Billboard, his worth is less than a third of that, equaling his debts to several creditors.
50 Cent is broke, apparently
In papers obtained in court, the rapper and business mogul, whose lines include anything from clothing to accessories and alcoholic beverages, lists his assets as worth between $10 and 50 million (€9.06 and €45.3 million). His debts raise to the same amount, which means he can’t possibly cover them.
The debts are “primarily consumer debts,” the papers note, with the number of creditors listed as between 1 and 49.
The filing for personal bankruptcy comes 2 months after 50 Cent filed for bankruptcy his boxing promotions company, SMS Promotions. However, it is believed that the decision for the most recent filing is directly related to the court order to pay damages in the Leviston lawsuit.
When you’re famous, you become a target
While celebrity pundits have rushed online after the bankruptcy filing to point out that 50 Cent is still boasting of the same lavish lifestyle as ever on social media (see the Instagram photos below), the rapper is fighting back.
Filing for bankruptcy doesn’t mean that you’re broke or defeated; it only means that you’re taking some time off to get reorganized. And what better way is there to get reorganized than by having your slate wiped off clean?
“I'm taking the precautions that any other good businessperson would take in this situation,” he tells E! News. “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.”
The way he sees it, there’s no shame in the filing: Donald Trump did it, and so did Walt Disney. Filing for bankruptcy is just a means to preventing things from moving in a direction you don’t want them moving in.
New Drone, I'm so fly right now Pilot life. #EFFENVODKA #FRIGO #SMSAUDIO A photo posted by 50 Cent (@50cent) on Jun 12, 2015 at 9:05am PDT
Classic: Get Rich or Die Trying šÆold money. š#FRIGO #SMSAUDIO #EFFENVODKA A photo posted by 50 Cent (@50cent) on Jan 18, 2015 at 4:04am PST
Still got a little Pocket money #FRIGO š³ LMAO A photo posted by 50 Cent (@50cent) on Jan 16, 2015 at 1:52pm PST