Rapper 50 Cent files for bankruptcy

The rapper 50 Cent filed for bankruptcy protection on Monday, halting financial repercussions from a lawsuit over a sex tape

Photo by: Reuters
Photo by: Reuters

Updated Jul 28, 2015

The Grammy-winning rapper 50 Cent filed for bankruptcy after losing a lawsuit in a New York courtroom over a 2008 sex tape.

50 Cent, whose real name is Curtis James Jackson III, found fame with his 2003 debut album “Get Rich or Die Tryin.”

50 Cent listed assets and debt of less than $50 million, each in a court filing Monday in Hartford.

His personal bankruptcy came after a jury ruled that he must pay $5 million to a woman suing over a sex tape case.  

Lastonia Leviston sued 50 Cent in 2010 in a New York state courtroom. 50 Cent was accused of posting the sexually explicit videotape, seeking payment for the unauthorised use of her image, along with damages for emotional distress.

Chapter 11, which 50 Cent filed for bankruptcy protection, allows companies time to re-organise their finances while protecting them from creditors' demands, but it still permits the rapper to continue his involvement with various business interests and continue his work as an entertainer.

50 Cent has sold more than 30 million albums worldwide and won a Grammy Award in 2010.

Along with being a rap star, he’s a successful businessman. His business interests  include clothing, boxing, beverages, and mining.

His stake in VitaminWater reportedly was sold to Coca-Cola for tens of millions of dollars in 2007. 

He also owns a record company and still has incomes from royalties. 

50 Cent listing his estimated assets between $10 million and $50 million came as a surprise since Forbes listed his net worth an estimated $155M back in May 2015. 

TRTWorld and agencies