By Marissa G. Muller
Update: 50 Cent’s representation has shared the following statement, via Billboard, following the rapper’s declaration of Chapter 11 bankruptcy earlier today.
“Attorneys for Curtis Jackson, a/k/a 50 Cent, today announced that their client has filed for relief under chapter 11 of the Bankruptcy Code. 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.
Mr. Jackson’s business interests will continue unaffected in the ordinary course during the pendency of the chapter 11 case.
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.”
50’s filing comes just a couple of days after he lost a $5 million lawsuit for uploading a sex tape of Lastonia Leviston without her permission.
That $5 million would cause 50 Cent to file for bankruptcy is very surprising. Not only did he reportedly profit $100 million—after taxes—when VitaminWater sold to Coca-Cola in 2007, over the past decade he’s also signed endorsement deals for everyong from Steiner Sports to Magic Stick condoms. Plus, along the way he launched a high-end underwear brand and an electronics company called SMS Audio that sells his Street by 50 headphones.