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Rapper 50 Cent files for bankruptcy


LAS VEGAS, NV - MAY 17:  Rapper 50 Cent attends the 2015 Billboard Music Awards at MGM Grand Garden Arena on May 17, 2015 in Las Vegas, Nevada.  (Photo by Jason Merritt/Getty Images)

LAS VEGAS, NV – MAY 17: Rapper 50 Cent attends the 2015 Billboard Music Awards at MGM Grand Garden Arena on May 17, 2015 in Las Vegas, Nevada. (Photo by Jason Merritt/Getty Images)

Rapper 50 Cent has filed for chapter 11 bankruptcy protection Today.

“In court papers filed in the U.S. Bankruptcy Court in Hartford, Conn., Mr. Jackson reported assets and debts each in the range of $10 million to $50 million,” reports the Wall Street Journal.

The filing comes just three days after the “Get Rich or Die Tryin'” rapper was ordered to pay $5 million to a woman who sued him for posting a sex tape online.

50 cent vitamin waterVitamin Water 50 Cent reportedly earned “between $60 million and $100 million” after the Vitamin Water sale in 2007.

Previously, 50 Cent was recently reported to be worth around $270 million, largely thanks to his minority stake in Vitamin Water. In 2007, the Coca Cola Company acquired Vitamin Water from Glaceau for $4.1 billion.

According to the Washington Post at the time, “50 Cent was thought to have walked away with a figure somewhere between $60 million and $100 million, putting his net worth at nearly a half billion dollars.”

While the rapper no longer has an equity stake in the company, he continued to act as a spokesperson for Vitamin Water.

Additionally, the rapper’s studio albums alone have sold over 21 million units, and he has starred in a long list of film and TV projects.

Original Post Read more: http://www.businessinsider.com/50-cent-files-for-bankruptcy-2015-7#ixzz3fmp0uVA1

About Dez Jermaine (454 Articles)
College Undergraduate student age 22. Interested in writing about people and news to inform my peers about what goes on around them. I believe that anything can be accomplished with effort and motivation, and I always put God and Family first.

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