“More money, more problems” is the saying, and it seems that 50 Cent, born Curtis Jackson, has some explaining to do when it comes to where his dollars disappeared to.
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According to the Wall Street Journal, the man once dubbed the “richest rapper in the world” filed for Chapter 11 bankruptcy protection Monday. “In court papers filed in the U.S. Bankruptcy Court in Hartford, Conn., Mr. Jackson reported assets and debts each in the range of $10 million to $50 million,” the Journal reports.
For Jackson this filing comes on the heels of losing a court case involving the leaking of a sex tape that featured the mother of Rick Ross’ child, Lastonia Leviston. Jackson was ordered to pay Leviston $5 million in damages.
Jackson’s fortune wasn’t amassed just through record sales, however, but also through business ventures. From his minority stake in Vitamin Water, according to the Washington Post, “50 Cent was thought to have walked away with a figure somewhere between $60 million and $100 million, putting his net worth at nearly a half billion dollars.”
So where did the money go?
Beyond the $5 million he has to pay Leviston, Jackson was also sued for stealing a headphone design and had to pay a $17.2 million judgment.
But when rich people file for bankruptcy protection, it doesn’t necessarily mean they’re broke. But you can’t tell that to people on Twitter.
https://twitter.com/zerobeta/status/620614552162594816https://twitter.com/InverteBrett/status/620619576045256704https://twitter.com/neeksman/status/620627064257912832https://twitter.com/MR_BUFFALO12/status/620627056582393856
#Richpeopleproblems.
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