50 Cent Net Worth - One of the world's most successful rappers, Curtis Jackson, better known as 50 Cent, has an estimated fortune of $155 million. But on July 13, 50 Cent filed for bankruptcy protection almost two months after Forbes listed him as the fourth wealthiest hip-hop artist in the industry.
Amid the bankruptcy news, curiosity over 50 Cent's net worth has intensified. Though he reportedly has over a $100 million fortune, the American rapper filed for bankruptcy in a Connecticut court on Monday. According to Times Live, the "In Da Club" performer reported assets and liabilities between the range of $10 million and $50 million in a court filing.
50 Cent's chapter 11 bankruptcy filing came just days after he was ordered by the court to pay $5 million in damages to Lastonia Leviston for leaking her 13-minute sex video online. The verdict on Friday was made up of $2.5 million for using her image without permission and another $2.5 million for emotional distress.
In a statement, 50 Cent, whose net worth is listed as $155 million by The Richest, addressed the issue. Billboard has learned the 40-year-old rapper is calling the bankruptcy filing as a "business move" to restructure his assets. As per the court documents, his debts are primarily consumer debts.
"I'm taking the precautions that any other good businessperson would take in this situation," the rapper-turned-business magnate told 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."
Unlike the chapter 7 bankruptcy filing, which would mean liquidation of assets, the chapter 11 filing will allow 50 Cent to reorganize his business interests as well as his net worth value. The Economic Times also revealed that this is not the first time the New York-born hip-hop artist filed for bankruptcy protection. Two months ago, 50 Cent filed for bankruptcy protection for SMS Promotions, his boxing promotion company.
Meanwhile, 50 Cent owes much of his net worth not to music but from his various business interests in clothing, beverages and music technology, not to mention his massive equity stake in Vitamin Water in 2007, Celebrity Net Worth noted.
In other news, 50 Cent was seen flashing a huge wad of cash less than a week ago before filing for bankruptcy Monday. Daily Mail reported the "Southpaw" actor hosted a club night for his birthday at The Pool After Dark at Harrah's Resort last Wednesday and witnesses claimed the large wad of cash valued at $5,000 in $100 bills.
Do you think the bankruptcy filing will affect 50 Cent's massive net worth?
© 2017 Jobs & Hire All rights reserved. Do not reproduce without permission.
