50 Cent Files Bankruptcy: Is he really bankrupt, or simply one smart business man?

by | Jul 13, 2015 | Culture | 0 comments

Curtis James Jackson III, the rapper better known as 50 Cent, filed for bankruptcy on Monday. Now we all know that 50 cent is a savvy investor, so how in the world could the man be bankrupt? Documents filed in Connecticut Bankruptcy Court showed Jackson’s total assets were listed in the range of $10 million to $50 million. He listed total liabilities in the exact same range.

Lets call a spade a spade. We all know damn well 50 Cent is not broke. The man is playing chess and legally he has every right to play the game like the big boys. I have no idea how he move all of his money and assets, but apparently he did. Hate him or love him, the man is a financial genius. The bankruptcy may come as a shock to some considering Jackson’s savvy business ventures and his status as one of hip-hop’s wealthiest artists at a net worth of $155 million Forbes has reported.

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. After a sense of frustration with Beats Electronics, the headphones company co-founded by Dr. Dre and later bought by Apple, 50 Cent founded his own competitor by launching SMS Audio in 2011. When Jackson appeared on QVC in 2012 the company sold more than $175,000 worth of headphones in nine minutes.

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.

The chapter 11 bankruptcy filing comes days after a jury ruled that Jackson must pay $5 million to a woman suing over a sex tape that was posted without her permission, according to the Associated Press.

“This filing for personal bankruptcy protection permits Mr. Jackson to continue his involvement with various business interests and continue his work as an entertainer, while he pursues an orderly reorganization of his financial affairs,” Jackson’s attorneys said in a statement.

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