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50 Cent Has Filed For Bankruptcy


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Credit: Uproxx

 

 

50 Cent Has Filed For Bankruptcy

BY MICHAEL DEPLAND • 07.13.15

#50 CENT

 

50 Cent was ordered to pay $5 million to Rick Ross’ former girlfriend for leaking her sex tape, we knew it was going to be a hit to the G-Unit leader’s wallet. But no one could have foreseen it would potentially be the straw to break the camel’s back when it comes to his financial status.

 

According to the Wall Street Journal, 50 Cent has officially filed for bankruptcy in Connecticut. This news is particularly shocking considering his investments, particularly in Glaceau, the company behind Vitamin Water, which brought him reportedly nearly $500 million dollars. In May, Forbes estimated the rapper’s worth at $155 million. But in the Chapter 11 filing, the rapper’s assets are listed at between $10 million and $50 million, with his liabilities in the same range.

 

On the other hand, maybe we shouldn’t be surprised. In December, 50’s bank accounts were frozen after not paying his debts from another lawsuit. 50’s boxing promotion, SMS Promotions,filed for bankruptcy in May. A judge determined that 50 couldn’t use that bankruptcy filing to duck the trial filed by Ross’ former girlfriend, Lastonia Leviston, so it seems unlikely his own personal bankruptcy would get him out of that $5 million payment either.

 

Bankruptcy doesn’t spell the end for anyone’s career necessarily, but it’s certainly a huge hit to someone who we thought had bottomless pockets.

 

Then again, 50 appears to be doing just fine.

 

(Via WSJ and New York Daily News)

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