Just days after 50 Cent filed for bankruptcy, fellow rapper Method Man let it be known that he thinks the “In Da Club” rapper’s latest move was a strategic one.
“No, he’s not broke. No,” Method Man told Watch What Happens Live host Andy Cohen on Thursday, July 16, calling 50 Cent’s public announcement “tactics.”
“Yeah, he’s being sued by a lot of people and he’s protecting his bank,” the “How High” rapper said. “Ain’t nothin’ wrong with that.”
On Monday, July 13, 50 Cent filed for chapter 11 bankruptcy in Hartford, Conn., reporting that his debts and assets fall somewhere between $10 million and $50 million.
According to his attorney, William A. Brewer III, partner at Brewer, Attorneys & Counselors, filing for bankruptcy will allow the rapper “to reorganize his financial affairs, as he addresses various professional liabilities” regarding his business interests.
In the meantime, Brewer told Us Weekly, 50 Cent will “continue his involvement with various business interests and continue his work as an entertainer.”
A recent New York Times article that ran just last week called 50 Cent a “renaissance man,” detailing the 40-year-old rapper’s many business ventures.
“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,” the article reads. “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.”
Despite making headlines, 50 Cent didn’t seem too fazed by the filing in an interview with Entertainment Tonight on Monday.
“I’m not panicking,” the “Candy Shop” rapper said. “People love tragedy more than they love good news, no matter how you look at it. …I have faith in the court systems, so I know at points you’ve gotta just relax and go through the process.”