I’m sure you heard the surprising news earlier today: rapper 50 Cent, who was recently praised in Forbes magazine for his business savvy, had to declare bankruptcy. This came in the wake of losing two lawsuits: one was a sex tape lawsuit filed by the mother of one of his children. She accused him of intentionally releasing it (it featured her and another man), and 50 Cent was ordered to pay her $5 million. In another court case, 50 Cent was ordered to pay $17.2 million after being accused of stealing a headphone design. OUCH.
Now 50 Cent is speaking out about his bankruptcy filing.
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.”
Hmmm. Maybe he could try not releasing people’s sex tapes or stealing headphone designs?
50 Cent pointed out that many successful people have had to file for bankruptcy.
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 [sic] legal team. You don’t have to worry.”
Something tells me 50 Cent is going to get out of paying these judgments. Well, bankruptcy is available to people for a reason! His attorney said earlier today:
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.”
I’m sure 50 Cent will come back from this!
Photos by FAMEFLYNET