Celebrity

Rapper 50 Cent files for Bankruptcy

It seems that things are not looking well for famous rapper 50 Cent. Reportedly, the star is dealing with some financial issues, actually being in the situation of having to file for Chapter 11 bankruptcy protection.

The fact that 50 declared bankruptcy now is quite surprising, having under consideration that only a few days ago the rapper was ordered to pay $5 million to Lastonia Leviston, Rick Ross’ baby mama.  

Leviston filed a lawsuit against the star for posting a sex tape of the two online. Allegedly, 50 Cent did this to embarrass Rick. Well, this may not be everything that the famous rapper has to pay. “50 lost a court case in which a jury socked him with a $17.2 million judgment over ripping off a headphones design [in 2014]. It’s a breathtaking fall,” a TMZ report added. 

However, the fact that 50 Cent is broke is without a doubt something unexpected. The famous rapper has always been considered one of the richest men in the music industry. “In court papers filed in the US Bankruptcy Court in Hartford, Conn., Mr. Jackson reported assets and debts each in the range of $10 million to $50 million,” a statement said.

The surprising news came after Forbes listed the star as the no. 4 wealthiest hip-hop artist. The famous magazine stated that he was worth at least $155 million. So, what happened to his finances remains a mystery. 

50 Cent became widely-known for his music, but the star was also known as a successful business men. One of the most impressive business deals he made dates back to 2007, when his stake in Vitamin Water was purchased by the Coca-Cola Company. From the deal, the star was believed to have made around $60 to $100 million. Moreover, 50’s albums are said to have sold in over 21 million units.

Many have claimed that 50’s bankruptcy claims are actually linked to this sanction that he received on trial. Actually, he has previously tried to declare bankruptcy in May, on behalf of himself and his boxing promotion company, with the purpose to avoid the legal proceedings. Still, a judge warned him that the case will go forward. 

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Angel Libby is one of our top authors for the entertainment and movies sections.She is very passionate when it comes to writing about the latest premieres and movie reviews.You can contact Angel by dropping her an e-mail at Angel.Libby@dailygossip.org.

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