On Monday, Curtis James Jackson III, popularly known as 50 Cent filed for bankruptcy protection in Hartford, Connecticut, reporting assets and debts between $10 million and $50 million.
The bankruptcy filing comes just days after he was ordered by the court to pay $5 million to Rick Ross’s ex who sued him for he allegedly sharing a sex tape of her and her boyfriend, without her consent.
“The filing allows Mr. Jackson to reorganize his financial affairs, as he addresses various professional liabilities and takes steps to position the future of his various business interests,” said 50 Cent’s attorney to The Hollywood Reporter.
The news of 50’s bankruptcy is a huge shock to fans considering that Forbes estimated 50 Cent’s net worth to be a whooping $155 million in May, thanks to a minority stake in VitaminWater, this put the rapper in the top 5 wealthiest hip-hop artists.
50 Cent spoke up after filing for bankruptcy shedding some light on the situation currently.
The 40-year-old businessman told ET’s Kevin Frazier on Monday at the Southpaw press junket: “I’m not panicking. People love tragedy more than they love good news, no matter how you look at it. The news comes on, and it’s 90 percent tragedy.”
“I have faith in the court systems,” he continued. “I know at points you gotta just relax and go through the process.”
50 Cent goes on to clarify that the bankruptcy filing might just be a business move, “I make decisions to do things based on the position that I’m placed in at points and if I’m consistently being made out to be a target because of my financial situation …,” he told ET. “If [people] actually believe that I wouldn’t be conscious of who I am and protecting myself …”