For someone who literally talks about how much money he has for a living, 50 has made some gargantuan blunders that have resulted in him hemorrhaging cash. The Wall Street Journal reported today that he has filed for Chapter 11 bankruptcy, claiming Jackson "reported assets and debts each in the range of $10 million to $50 million." Though his lawyer states in court, that he is only worth $4.4 million.
The extent—and concerns—of his debts are a little murky at the moment, but 50 has had two recent, notable law suits that have knocked his bank account around significantly. Earlier this week, 50 was ordered to pay $5 million in damages to Lastonia Leviston (who has a child with his mega-rival, Rick Ross) after releasing a sex tape featuring Leviston and her boyfriend, without her consent. In 2014, Fiddy was ordered to pay $17 million in damages to Sleek Audio, who claimed Jackson ripped off their headphone design.
What makes this entire development particularly unusual is that 50 Cent has long been regarded as one of the music industry's shrewdest moguls. He hit a major coup when Vitamin Water, a company he invested in early, was sold to Coca-Cola in 2007, scoring him $100 million. As recently as May, Forbes estimated his net worth at $155 million, and just last week the New York Times ran a profile piece noting his financial and entrepreneurial prowess.
It should be noted that Chapter 11 bankruptcy is routinely used as a means of restructuring assets, and may not mean he necessarily ran out of money. He may not have the available money in liquid assets to pay off his sudden debts in the time-frame ordered by the courts, and needs to reorganize his assets.
This whole thing doesn't really make sense right now, but more details are expected to emerge about his finances over the next few weeks. We wonder if he actually did party every day, like it was birthday. Hey, those trick candle costs really add up!
Wil Fulton is a staff writer for Supercompressor. He loves cake like a fat kid loves cake. Follow him @WilFulton.
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