50 Cent’s moniker has ceased being figurative— the rapper and business mogul has filed for bankruptcy
in Connecticut’s Bankruptcy Court.
Curtis James Jackson III, known by his stage name “50 Cent” or “Fiddy”, started his career as a successful rap artist, rising to the top of the charts and taking in millions of dollars in royalties annually. Fiddy started investing in business ventures in a variety of areas, including the beverages industry, music, clothing, technology, and energy. Vitamin Water has been Fiddy’s most successful business to date— when the company to Coca Cola in 2007, his minority shareholder stake earned him $100 million. Last year, he was named to Forbes’ Top Five Wealthiest Rappers, with an estimated net worth exceeding $140 million.
So, what happened to all that money? Well, Fiddy’s bankruptcy filing does not reveal much. At only five pages, his Chapter 11 petition
discloses only the bare minimum for Fiddy to file a legitimate claim to get in the door. According to the petition, both his assets and liabilities are listed between the $10 million to $50 million range. However, just because he filed for bankruptcy doesn’t mean he is completely broke. Some have speculated that while he may have cash flow problems, this filing might have another, more strategic purpose.
In addition to his bankruptcy suit, Fiddy is also defending a lawsuit filed over his release of a sex tape. Apparently, while embroiled in a feud with rapper Rick Ross, Fiddy decided to post a sex tape on the internet featuring the mother of one of Rick Ross’s children without her permission. The plaintiff, Lastonia Leviston, has requested punitive damages against Fiddy, in addition to the $5 million in compensatory damages she’s already been awarded by the jury.
By filing a petition in bankruptcy court, Fiddy and his legal team have placed an automatic hold on Leviston’s case against him. Leviston has filed a motion for relief
in order to lift the automatic stay so she can move forward with the punitive damages phase of her case. Despite Fiddy’s objection
, the court granted Leviston’s motion
to waive the stay.
As Fiddy’s bankruptcy case moves forward, many of the financial details of his money troubles will be revealed in the coming days and weeks. To keep up with the latest case developments, you can set up a Docket Alarm email alert by selecting Track This Docket on 50 Cent’s bankruptcy docket