50 Cent Explains Why He Filed for Bankruptcy
50 Cent's move to file for bankruptcy shocked everyone, from fans to his haters. While some people may equate being bankrupt to going broke, that isn't the case at all with the rapper and he's explaining what exactly the filing means for his business.
The Queens, N.Y. native spoke with E! News about his financial situation and how he's trying to properly secure his money. "I'm taking the precautions that any other good businessperson would take in this situation," 50 said during a Southpaw junket. "You know when you're successful and stuff, you become a target. I don't wanna be a bullseye. I don't want anybody to pick me as the guy that they just come to with astronomical claims and go through all that."
Rick Ross' baby mama, Lavonia Leviston, was awarded $5 million from a jury, which meant 50 Cent would have to pay up because he leaked a sex tape of her and another man. The jury decision caused Fif to quickly file for bankruptcy.
"Walt Disney has filed bankruptcy. Donald Trump has filed bankruptcy," explained 50. "It means you're reorganizing your finances, but it does stop things from moving forward that you don't want moving forward."
Despite the move on his part, 50 Cent's confidence hasn't shaken one bit. "I gotta descent legal team," he said. "You don't have to worry."
His assets are between $10 million and $50 million and his liabilities are within that same range. His attorney, William A. Brewer III, chimed in and released a statement yesterday as well. "This filing for personal bankruptcy protection permits Mr. Jackson to continue his involvement with various business interests and continue his work as an entertainer, while he pursues an orderly reorganization of his financial affairs."
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