The rapper 50 Cent is often held to the public as a beacon of hope and financial success, at least on the surface. But some say that things may not be all that their cracked up to be.
This week, the rapper filed for Chapter 11 bankruptcy protection in US Bankruptcy Court in Hartford, Connecticut. The alleged mogul reportedly has a the kind of debt that would make the rest of us squeamish, according to The Business Insider.
“In court papers filed in the U.S. Bankruptcy Court in Hartford, Conn., Mr. Jackson reported assets and debts each in the range of $10 million to $50 million,” reports the Wall Street Journal.
This bankruptcy filing occurred right after the rapper was ordered to pay $5 million dollars to a woman who sued him for revealing a sex tape online to millions of people. The woman was the mother of the child conceived with a rival rapper, Rick Ross. Lastonia Leviston says that the release of the tape led to humiliation and mental anguish, which a jury found to be worth millions.
“On top of that,” according to TMZ, “50 lost a court case in which a jury socked him with a $17.2 million judgment over ripping off a headphones design [in 2014]. It’s a breathtaking fall.”
Courtesy Of Dr Boyce Watkins