Curtis James Jackson III, the rapper known as 50 Cent, filed for Chapter 11 bankruptcy yesterday (July 13, 2015) and the internet went wild with the news.
The timing of Fiddy’s bankruptcy filing appeared to cause the most chatter being that it came just days after a jury ruled that he must pay $5 million to Lastonia Leviston, the woman who sued him over a sex tape that was posted without her permission.
Documents filed in Connecticut Bankruptcy Court showed Jackson’s listed assets and debts to be in the range of $10 million to $50 million and the mogul recently explained his decision as merely a smart business move to protect his assets.
[TRANSLATION: He’s still RICH, B*tch! 😆 ]
Fiddy spoke to E! News at his Southpaw junket last night and explained his decision to file chapter 11 bankruptcy. He stated:
I’m taking the precautions that any other good businessperson would take in this situation.
You know when you’re successful and stuff, you become a target. I don’t wanna be a bullseye. I don’t want anybody to pick me as the guy that they just come to with astronomical claims and go through all that.
I’m sure you all know that Jackson is no where near ‘broke’ in the tradition sense.
A sale of the rapper’s stake in VitaminWater netted him about $100 million after taxes when Coca-Cola purchased the beverage brand in 2007. In a more recent venture, Jackson closed a $78 million deal at the end of 2014 with FRIGO Revolution Wear to promote men’s underwear.
[Translation: His ‘broke’ and your ‘broke’ ain’t the same… 😆 ]