Rapper and entertainment mogul 50 Cent is known as one of the most successful hip-hop figures ever. In May, Forbes listed Jackson’s net worth at $155 million, ranking the 40-year-old No. 4 on the list of the wealthiest hip-hop artists. For this reason, some are finding it hard to believe that he’s broke, but his recent bankruptcy filings are claiming it’s true.
Curtis “50 Cent” Jackson filed Chapter 11 bankruptcy today. The filing says he has $10 to $50 million in assets, but $10 to $50 million in liabilities.
His financial woes are coming after the mother of rapper Rick Ross’ child won $5 million in a lawsuit against him. The woman, Lastonia Leviston, sued him in 2010 after he posted a sex tape of her online amid his beef with Ross. She claimed the video being posted for millions to see made her suicidal.
Based on 50 Cent’s reputation as a big-shot businessman, $5 million seemed like it would be chump change for him, but surprisingly, he may have a harder time paying up than we thought.
There have to be at least 50 reasons why we would have never seen 50 Cent’s bankruptcy filing coming, but for the sake of time, we are highlighting the top five.
He’s the executive producer of a fairly popular cable show.
The Starz drama, “Power,” is on its second season and has often been hailed as the better version of “Empire.” This season, the show about a club-owning drug dealer garnered 1.43 million viewers, an increase of over 200 percent from last season, according to Vox. In addition to serving as one of the producers of the series, he also plays Kanan, Ghost’s former boss.
As a producer, those numbers have to equal some kind of success in the form of dollar bills for 50, right?
He made a killing as a promoter for VitaminWater.
When 50 Cent became the first celebrity endorser of the sports drink, Vitamin Water, he earned $5 million, along with a 5 percent equity stake in the company. The rapper-turned-business-man was previously one of the world’s wealthiest rappers after his minority stake in Vitamin Water landed him between $60 and $100 million in 2007 when the Coca Cola Company acquired the brand from Glaceau for $4.1 billion, according to the Washington Post. Thanks to the “In the Club” rap star, the company’s sales shot through the roof and annual revenues surged from $100 million to $700 million between 2005 and 2007. When Vitamin Water’s parent company was purchased for $4.1 billion in 2007, 50 Cent made about $75 million – $100 million from the deal. Is all of that Vitamin Water money gone, 50?
He’s the brand ambassador for Effen Vodka.
He’s been making appearances all over the country signing bottles for fans and spirit lovers.
He’s co-starring in a movie with Jake Gyllenhaal.
Curtis Jackson is playing the role of Jordan Mains in the movie, Southpaw, an Antoine Fuqua-directed movie that tells the story of a boxer who fights his way to the top, only to find his life falling apart around him. It’s due in theaters on Friday, July 24.
He constantly flaunts his riches on Instagram.
Pictures of the rapper’s multimillion-dollar home, his son’s Gucci shoes, gold chains, and a fancy Porsche can be found on 50’s Instagram page. If he really is hurting for cash, perhaps we’ll soon see some of those expensive possessions available at a yard sale.
