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50 Cent, formerly worth $150 million, has filed for bankruptcy

on July 13, 2015, 11:41am

50 Cent isn’t just the hip-hop moniker of Curtis Jackson — it’s also his total net worth. The 40-year-old rapper was among music’s wealthiest artists, accumulating a fortune of over $150 million thanks to a series of best-selling releases and a shrewd investment in Vitamin Water. However, recent years of irrelevancy appear to have taken a toll, as the Wall Street Journal reports that Jackson has filed for chapter 11 bankruptcy.

According to court papers filed in the US Bankruptcy Court in Hartford, Connecticut on Monday, Jackson’s assets and debts range between $10 million and $50 million.

Today’s filing comes just days after a jury ordered Jackson to pay $5 million to a woman whose sex tape he posted online without permission. The woman, Lastonia Leviston, has a child with Jackson’s hip-hop rival, Rick Ross.

Jackson hoped to avoid the civil state trial by filing a federal bankruptcy petition for his boxing promotion company back in May. However, a federal judge allowed Leviston’s suit to go forward.

Update – Tuesday, 9:00 a.m.: In an issued statement, 50 Cent said he’s “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 bulls eye. I don’t want anybody to pick me as the guy that they just come to with astronomical claims and go through all that. Walt Disney has filed bankruptcy. Donald Trump has filed bankruptcy. It means you’re reorganizing your finances, but it does stop things from moving forward that you don’t want moving forward. I gotta descent legal team. You don’t have to worry.”

He also posted this photo to Instagram with the hashtag “Times are hard out here.”

Times are hard out here LMAO #FRIGO #SMSAUDIO

A post shared by 50 Cent (@50cent) on

Below, listen to 50 Cent’s song “Poor Lil Rich”.

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