50 Cent has filed for Chapter 11 bankruptcy protection, according to Wall Street Journal.
The 40-year-old rapper, businessman and actor, reported in court papers that he has assets and debts in the range of $10 million to $50 million, the Wall Street Journal reported.
50 Cent’s 2003 album Get Rich or Die Tryin’ catapulted him to global fame.
Real name Curtis James Jackson III, the Grammy-award winning rapper’s business interests have included clothes, boxing, drinks, and mining.
The rapper’s stake in VitaminWater reportedly netted him tens of millions of dollar when Coca-Cola bought the drinks brand in 2007.
Chapter 11 allows companies time to re-organize their finances while protecting them from creditors’ demands.
The court case stemmed from a video in which the rapper is accused of adding a commentary to a tape that the woman made with her boyfriend. The tape was then leaked online.
In addition to a $5 million penalty, the jury was due this week to consider punitive damages in the invasion-of-privacy lawsuit. However, it was unclear if this would go ahead.
Manhattan Supreme Court Justice Paul Wooten had requested that 50 Cent disclose details of his finances.
However, the rapper’s lawyers told the court that he had filed for Chapter 11 in Connecticut, where he owns a mansion he bought from boxer Mike Tyson.
Later, a lawyer for 50 Cent, William A Brewer III, said his client’s business operations would continue.
“Mr. Jackson’s business interests will continue unaffected in the ordinary course during the pendency of the Chapter 11 case,” the attorney said in a statement.
It added: “This filing for personal bankruptcy protection permits Mr. Jackson to continue his involvement with various business interests and continue his work as an entertainer.”
50 Cent has sold more than 30 million albums and won a Grammy Award in 2010. The star’s latest film role is in the upcoming Southpaw, in which he plays a boxing promoter.
In May, Forbes estimated 50 Cent’s net worth at $155 million.
50 Cent hit rival Kanye West below the belt by branding his girlfriend Kim Kardashian “trash”.
The rapper has surely kicked off a new feud with his old sparring partner with his latest comments.
50 Cent, 37, told XXL Magazine: “You know how it is? One man’s trash is another man’s treasure.”
50 Cent hit rival Kanye West below the belt by branding his girlfriend Kim Kardashian “trash”
He made the quip as he shared his thoughts on the The College Dropout’s touching ode to his lover, the charmingly titled Perfect B****.
50 Cent said: “I mean, if that man feel like she’s perfect, then she’s perfect.
“He could mean it and you’ll end up singing the words to it because he’s Kanye.”
But he also issued a note of caution, pointing out his doubts that there is such a thing as the perfect woman.
He said: “I’m not sure. The smartest guys I know have lost being a bad judge of character in that area.”
50 Cent has been a rival of Kanye West’s throughout his career, and in 2007 he infamously promised to quit music if his Curtis album was outsold by West’s platter Graduation.
Of course the latter went on to top the charts after selling 957,000 copies in the first week, while 50 Cent took the number two spot, selling 691,000 units.
Despite his previous assertions, 50 Cent went on to release Before I Self Destruct in 2009, while this year he unveiled his latest opus Street King Immortal.
Rapper 50 Cent has been hospitalized after being involved in a serious car accident in New York City in the early hours of this morning.
50 Cent, 36, was taken to Queens hospital with possible injuries to his neck and back after a collision between his SUV – which was being driven by someone else – and a Mack truck on the Long Island Expressway.
According to fan site ThisIs50.com, the incident occurred when a red truck rear-ended his bullet proof vehicle and it “almost flipped over”.
50 Cent – real name is Curtis Jackson – and was put on a stretcher and taken to the nearby medical facility, along with his driver.
50 Cent has been hospitalized after being involved in a serious car accident in New York City in the early hours of this morning
A source close to the rapper has revealed both the star and his driver are recovering well.
The insider told XXLMag.com: “He’s fine,” and when asked about the driver added: “He’s good.”
It’s not the first time 50 Cent has been at Queens this year after he was previously hospitalized due to a bad bout of food poisoning.
50 Cent said at the time: “Eminem called and said, <<Man, you been shot nine times, don’t f**k around and die over a burger>>.
“He called and started making me laugh and s**t, and I wasn’t feeling good. So I just started to laugh, and he cheered me up when I was feeling uncomfortable.”
50 Cent famously survived a brush with death in 2000.
The former drug dealer was shot at and struck by nine bullets during an incident outside his grandmother’s former home.
50 Cent is understood to be single following a fling with comedian Chelsea Handler last year.
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