Looks like 50 Cent is getting low on change. The “Get Rich or Die Tryin’” rapper has filed for Chapter 11 bankruptcy protection on Monday according to documents filed in Connecticut Bankruptcy Court. 50 Cent, whose real name is Curtis Jackson, reported assets and debts each between $10 million and $50 million.
“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,” William A. Brewer III, Jackson’s counsel said in a statement.
The filing comes days after the Queens rapper was ordered to pay Rick Ross’ ex-girlfriend, Lastonia Leviston, $5 million for posting a sex tape online to millions of viewers.
50 Cent was named one of the world’s wealthiest rappers after landing a large endorsement with Vitamin Water, walking away with figures somewhere between $60 million and $100 million. This put the rapper’s net worth at half a billion. In addition to his music success, 50 Cent still serves as the chief executive of G-Unit records; he’s the founder of SMS Audio and owns part of Effen Vodka, Frigo underwear line, and a host of other business. It’s crazy to see this happen to him since he talks so much sh-t on social media.