Rapper, actor and entrepreneur 50 Cent filed for Chapter 11 bankruptcy today after recently being praised by the New York Times for his business intelligence.
Just last week, the New York Times lauded Curtis “50 Cent” Jackson for his business instincts and labeled him as a Renaissance man — this morning, the CEO of G-Unit Records filed for bankruptcy.
In May of this year, Jackson was said to have an estimated net worth of $155 million and was ranked fourth on Forbes’ wealthiest hip-hop artists list.
Where Jackson’s finances have disappeared to is a mystery still trying to be sorted out. In May of 2007, Coca Cola bought out Glaceau (Vitaminwater) for $4.1 billion, which directly benefited Jackson as he owned as much as 10% in the company. After superseding stakeholders were paid out, Jackson reportedly received between $60-100 million.
That was a mere eight years ago, but things have dramatically changed for the artist. This morning, Jackson listed his assets on a chapter 11 bankruptcy form as being worth between $10-50 million and reported likewise numbers in liabilities.
In December of last year, Jackson’s personal bank account was frozen after a jury sided with Sleek Audio in their $17.2 million dollar lawsuit against him.
Three days ago, Jackson was ordered to pay $5 million to Lastonia Leviston, who sued him for posting a sex tape online.