Curtis James Jackson III, or 50 Cent as he is better known, might want to reconsider his moniker. 50 Cent is no longer just his stage name, but could also be his current net worth (but not really). The rapper filed for chapter 11 bankruptcy protection on Monday in Connecticut.
Monday’s actions stem from a lawsuit Jackson lost last week in which he was ordered to pay a women $5 million for leaking a sex tape of hers without her permission. The woman in the suit is the mother of fellow rapper Rick Ross’ daughter. The 2008 video was released a year later by Jackson in order to provoke rival Ross.
Jackson, whose career blew up after the release of his album “Get Rich or Die Tryin” in 2003, is known for his business ventures, as well as his rap career. Jackson has been a boxing promoter, owned his own record label and was a former equity stock holder in Vitaminwater, among other things. He also claimed to have bet $1.6 million on Floyd Mayweather to beat Manny Pacquiao in May of this year, a bet he won before being paid another $500,000 for performing in Las Vegas that same weekend.
Jackson reported assets and debts each in the range of $10 million to $50 million, according to the Wall Street Journal. “Street King Immortal” is 50’s next album, which is slated for release this fall. Big record sales would obviously help him climb out of the hole, but in today’s music industry, it might take him awhile.