50 Cent isn’t broke. At least, that’s what he said on Conan while appearing to promote new movie Southpaw. The rapper says that it was all about financial protection.
The news of his Chapter 11 bankruptcy filing came after he lost a lawsuit worth $5 million. People instantly started joking about his name and his financial predicament, but was extremely surprising to many. In May, Forbes said his net worth was around $155 million and The New York Times had described his business instincts as “exceptional.”
It seems that the decision to file for bankruptcy was another one of those exceptional business instincts, and is due to the order to pay $5 million due to the posted sex tape in 2009. The filing means that he can reorganizes his “financial affairs,” according to his lawyer. He told Conan that it was for protection, so he is not the ideal person for lawsuits after losing one.
The good news is the rapper has a sense of humor about his recent state of affairs. After filing for bankruptcy, he announced it through Instagram by sharing a photo of himself in front of a Smart car. The photo was taken by Jake Gyllenhall.
The decision has led to mixed reactions from fans and members of the public. Some claim that 50 Cent is a “piece of s***” due to his way of getting around paying the money the woman won in court. They claim that it was all due to a legal loophole, and he should have just paid the money first. Others have said that he did the right thing to protect himself from future lawsuits.
50 Cent has been asked to appear in court to discuss his financial situation, but has failed to do that so far. It is the second time within 30 days that he filed for bankruptcy, and the courts wonder if something iffy is going on.
The video below explains what his bankruptcy really means:
Alexandria Ingham is a fulltime writer originally from the UK and now living in Canada. She is also a former Weight Watchers leader and has an avid interest in health and fitness because of this. In 2010, she started writing online and broke into journalism in 2013. While entertainment and weight loss news are her favorites, she also enjoys covering some sport and technology news. She is the United Kingdom, Diet and Fitness, Rugby, and Entertainment beat writer for Daily Voice News.