50 Cent left everyone gasping earlier today when news broke that he filed for chapter 11 bankruptcy.
Following losing a lawsuit to Rick Ross’ baby mother, the Power rapper was ordered to pay $5 million to her for damages, and was also ordered by a judge in 2014 to pay $17.2 million for stealing a headphone company’s design.
Fifty filed for bankruptcy, and while the internet went nuts with speculation of him being broke, it turns out it was all part of a smart business move to protect himself.
He spoke out on the move with E! News at his Southpaw junket earlier today, stating:
“I’m taking the precautions that any other good businessperson would take in this situation. You know when you’re successful and stuff, you become a target. I don’t wanna be a bulls eye. I don’t want anybody to pick me as the guy that they just come to with astronomical claims and go through all that.”
“Walt Disney has filed bankruptcy. Donald Trump has filed bankruptcy. It means you’re reorganizing your finances, but it does stop things from moving forward that you don’t want moving forward. I gotta descent legal team. You don’t have to worry.”
Reports say that 50’s assets are between $10 million and $50 million, while his liabilities are also between the same range.
His attorney also said of the filing:
“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.”
1. SMS Audio: This company that primarily sells headphones was founded by 50 Cent in 2011. In the same year, the company acquired Kono Audio. As far as the competition goes, he once said Dr. Dre's "Beats is Nike. We're Adidas."
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2. Power: 50 Cent is into all sorts of entertainment. Though he obviously stars in the Starz hit series "Power," did you know he also produced the show? "Power" holds the "most viewers ever for a Starz original series" record.
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3. Vodka: 50 Cent has recently partnered with Effen Vodka. The "ultra-premium" liquor comes in lots of flavors, including Black Cherry, Dutch Raspberry, Cucumber, and Salted Caramel.
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4. SMS Promotions: 50 Cent started this boxing promotional company after his joint project with Floyd Mayweather, TMT Promotions, failed. Though SMS Promotions reportedly declared bankruptcy this year, it previously promoted boxers such as Andre Dirrell, Chris Galeano, and more.
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5. SK Energy: Street King is an energy drink created by 50 Cent and his partner Chris Clarke. It boasts a variety of flavors, and was rebranded as "SK Energy" in 2012.
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6. Frigo Underwear: 50 Cent put his insane body on full display in a series of advertisments for the underwear company this year.
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7. VitaminWater: 50 Cent made $100 million after selling his stake in the privately owned company.
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8. G-unit: We can't forget about the clothing company that 50 Cent started in 2003 and relaunched in 2010. 50 maintains full ownership of the clothing line.
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Continue reading 50 Cent’s Most Lucrative Business Endeavors