50 Cent Files for Bankruptcy

Rapper 50 Cent files for bankruptcy after a jury ordered him to pay USD 5 million in a sex tape lawsuit.

Rapper 50 Cent (Photo: AP)

Rapper 50 Cent has filed for bankruptcy following a sex tape lawsuit. The 40-year-old “Candy Shop” hitmaker was ordered by a jury to pay USD 5 million to Lastonia Leviston for allegedly posting a sex tape of her online, reported E! Online.

I’m taking the precautions that any other good business person 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 reorganising your finances, but it does stop things from moving forward that you don’t want moving forward. I gotta decent legal team.
—50 Cent

According to legal documents, 50 Cent’s assets are valued between USD 10 million and USD 50 million with an estimated number of creditors between one and 49. He has filed for chapter 11 bankruptcy which permits reorganisation under the bankruptcy laws of the US.

Leviston had filed a lawsuit in 2010, claiming she struggled with thoughts of suicide after the video was released online.

The news comes weeks after the rapper’s boxing promotion company, SMS Promotions, was put into bankruptcy.