Some celebrities said that 50 cent filing for bankruptcy is a disaster for the music industry. This came immediately after a court ordered 50 cent to pay $5 million in a sex-tape law-suit he lost.
On Monday morning, the rapper and entertainment mogul 50 Cent made the day of every single punster in the world fun by filing for personal bankruptcy.
Mr. Cent, whose legal name is Curtis James Jackson III, revealed in his Chapter 11 filings that he has in his bank an amount between $10 and $50 million in assets and $10 to $50 million in the debt.
Conveniently for him, 50 cent’s chapter 11 bankruptcy filings came days after a jury ordered him to pay $5 million to Lastonia Leviston for transferring her sex tape online without her consent, and he may even face further charges now for punitive damages.
According to the Wall street Journal, he allegedly posted the sex tape online because Leviston’s boyfriend said she “wouldn’t see that to be a problem if he did,” making the settlement one of the worst awful lawsuit ever in the music industry.
50 Cent on Filing for Bankruptcy: 'When You're Successful…. You Become a Target': After filing for chapter 1… http://t.co/YFbkiaZ1wk
— Electric Gherkin (@electricgherkin) July 14, 2015
LOL Twitter reactions to 50 Cent's bankruptcy http://t.co/ojYjwQFGzF
— USA TODAY (@USATODAY) July 14, 2015
50 Cent literally doesn’t even have 50 cents. Rapper files for bankruptcy. http://t.co/xup9F8GUpU
— Betches (@betchesluvthis) July 13, 2015
It appears that declaring bankruptcy is 50 cent’s favorable practice in dealing with the lawsuit: the New York Post reported in May that the multi-million artist had “ducked” the lawsuit by filing chapter 11 bankruptcy papers for his boxing-promotion company, SMS, stating that he could barely pay for the settlement, surprisingly this happened “just few minutes before the Manhattan trial was scheduled to begin.”
50 Cent was once reported to worth $155 million, and supposedly made a $1.6 million wager on the Mayweather-Pacquiao fight.
According to Forbes, estimated last year alone that 50 Cent’s net worth was roughly $155 million, largely because of the profit he made when Vitaminwater was sold to Coca-Cola in 2007. 50 Cent was an investor in that company. But in the filing, his attorney checked a box that said his client’s assets were less than $50 million.