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50 Cent Files for Bankruptcy

Rapper Curtis Jackson, better known as 50 Cent, filed for Chapter 11 bankruptcy protection on Monday.

Jackson filed bankruptcy papers in Hartford, Connecticut on Monday, according to the Wall Street Journal. The rapper listed assets of between $10-$50 million and debts of the same amount.

On Friday, Jackson was found guilty of releasing a sex tape of a woman without her consent, and was ordered to pay $5 million in damages. Jackson had reportedly narrated the sex tape, which featured Lastonia Leviston, ex-wife of rapper Rick Ross, with whom Jackson had been feuding.

50’s personal bankruptcy comes two months after his fairly new boxing promotion company, SMS Promotions, filed for Chapter 11 bankruptcy protection. The company reportedly listed debts of between $100,000 to $500,000.

In May, Forbes named Jackson to its “Forbes Five,” a list of the most successful five people in hip-hop. The magazine estimated Jackson’s net worth at $155 million.

Last week, the New York Times carried a profile of Jackson called “50 Cent, Renaissance Man,” in which the paper praised the rapper for, among other things, his “exceptional business instincts.”

Jackson owned a minority stake in Glaceau’s Vitamin Water brand ahead of the company’s sale to the Coca-Cola Company in 2007. Jackson reportedly earned between $60 million-$100 million on the deal.

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