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Rapper 50 Cent files Bankruptcy

50 Cent Appearance

After losing a multi-million dollar lawsuit Curtis James Jackson III better know as 50 Cent filed for bankruptcy. Money troubles have touched another celebrity. Forbes estimated 50’s net worth in May at $155 million. 50 says his assets are valued between $10 and $50 million but his liabilities are now also in the same range.

Curtis “50 Cent” Jackson’s debut album was titled ‘Get Rich or Die Tryin’.

The actor, rapper and product pitchman filed Chapter 11 bankruptcy in Connecticut Bankruptcy Court. The filing follows a jury verdict ordering him to pay a woman $5 million in a sex tape lawsuit. Appearing on QVC in 2012 to promote his headphone company SMS Audio, the company sold more than $175,000 worth of headphones in nine minutes. He sold his share in VitaminWater to Coca-Cola in 2007 and netted about $100 million.

Last year he closed a deal for $78 million to promote FRIGO Revolution Wear a men’s underwear brand.

Filing Chapter 11 does not mean you are broke, it could be you have a cash flow problem. When the schedules are filed more will be known. But one thing is for sure. His spending previously on display on Instagram could now be subject to the review and approval of the bankruptcy court.

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Posted July 2015