In July, rap artist 50 Cent filed for bankruptcy in Connecticut.
The Washington Post estimated his wealth at half a billion dollars. How could he now be out of money?
The New York Post writes: “Blame it on living large — and brazenly reckless behavior.”
The bankruptcy filing comes after a court decision ordering him to pay $7 million to a woman whose sex tape he posted online without her consent.
The woman dated one of 50 Cent’s enemies, Rick Ross. The Verge writes that Ross claims that 50 Cent posted the sex tape to humiliate him.
The rapper got wealthy thanks to sharp business acumen, writes to The New York Post. He invested early in Vitaminwater, and then made a reported $60 to $100 million after the company was sold to Coca-Cola in 2007.
He had endorsement deals for such products as Reebok, Right Guard, and Vitaminwater, as well as his own G-Unit Records and G-Unit Clothing Company.
“50 Cent made around $300 million in two years,” says Zack O’Malley Greenburg, Forbes senior editor. Greenburg has often covered the rapper for Forbes’ annual Hip-Hop Cash Kings list, states The New York Post.
The Post also states that a federal judge ordered 50 Cent to pay $17 million to headphone manufacturer Sleek Audio after an arbitration hearing ruled that the G-Unit Records head copied the design of Sleek Audio’s product.
According to Forbes, his assets total $24,823,899.18, and the court rulings pushed his debt to $32,509,549.91.
The website TMZ writes:
“…the bankruptcy judge has him in a straitjacket, prohibiting the mogul from paying even the most basic bills without court approval. He’s asking for permission to pay his electric, gas, trash removal, cable, Internet and phone bills so he doesn’t get shut down.”
In other news, some sources are claiming that 50 Cent will be producing the follow-up to the movie “Straight Outta Compton.”