50 Cent Files For Bankruptcy
50 Cent Files For Bankruptcy, Is Millions in Debt?
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50 Cent is an unfortunate name when you're facing financial trouble.
The "In Da Club" rapper filed for chapter 11 bankruptcy in Hartford, Connecticut on Monday, reporting assets and debts between $10 million and $50 million, according to court documents.
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The filing comes just days after 50 Cent, whose legal name is Curtis James Jackson III, was ordered to pay $5 million to a woman who sued him after he allegedly acquired a sex tape of her and her boyfriend, and shared it online without her consent, the Associated Press reported.
News of the 40-year-old hip-hop artist's bankruptcy might come as a shock to his fans. In addition to his impressive rap career, 50 Cent has become quite the businessman. As a shareholder of VitaminWater, he made an estimated $100 million after taxes when the brand was sold to Coco-Cola in 2007.
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His acting career is also thriving. He currently stars in and is an executive producer on Starz's series Power, and will appear in the upcoming boxing movie Southpaw, alongsideJake Gyllenhaal.
Bankruptcy, unfortunately, is common in Hollywood. Lady Gaga even admitted to ET this past year that she too struggled financially after the release of her first hit "Poker Face." Here's her story: