UPDATE: 50 Cent’s attorney, William A. Brewer III, partner at Brewer, Attorneys & Counselors, tells Us Weekly that the filing “allows Mr. Jackson to reorganize his financial affairs, as he addresses various professional liabilities” regarding his business interests. Those interests “will continue unaffected in the ordinary course during the pendency of the chapter 11 case,” Brewer said. “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.”
His two cents about 50. Comedian Chris Rock had a very simple response to the news of rapper 50 Cent filing for bankruptcy on Monday, July 13, sharing his sentiments via social media.
“Fall so hard,” Rock, 50, wrote via Twitter and Instagram, alongside a headline of the rapper’s financial woes.
The rapper, 40, filed for chapter 11 bankruptcy protection at the U.S. Bankruptcy Court in Hartford, Conn., on Monday. According to the Wall Street Journal, the “In Da Club” rapper (Curtis James Jackson III) reported that his debts and assets range from $10 million to $50 million.
The rapper’s financial dilemma comes several days after he was ordered by a jury to pay $5 million to the mother of Rick Ross‘ child, Lavonia Leviston, for intentionally leaking a sex tape. Leviston filed the lawsuit in 2010, and claimed that she struggled with thoughts of suicide after the video was released online.
50 Cent’s financial demise comes after more than a decade of rapping about wealth. He first skyrocketed to fame in 2003 with his debut album, Get Rich or Die Tryin’.
The Power actor was previously valued at approximately $150 million.
The filing comes several days after the New York Times published a favorable profile about 50 Cent’s business acumen. “It is well known that Mr. Jackson, 40, has exceptional business instincts,” the paper wrote on July 8. “A former crack cocaine dealer who has been shot nine times, he has sold more than 22 million albums, and a new one, ‘Street King Immortal,’ arrives in the fall. He is the chief executive of G-Unit Records. He founded a headphones company, SMS Audio. And he owns part of a vodka brand and Frigo, a line of luxury men’s underwear. He also has a cologne, a sneaker brand and a video game series.”