50 Cent Gone Broke or Has He?
Curtis James Jackson III, or better known as 50 Cent, is an American rapper, singer, songwriter, businessman, investor, and actor who is most famous for his fearless song “Ghetto Qu’ran” from way back 2000. The song featured fearless lyrics calling out a local drug lord’s criminal exploits. Soon after the release of the said song, Curtis fell victim to a shooting which nearly took his life, having been shot nine times. Investigators presumed that the drug lord hired this gunman to assassinate the rapper but the incident didn’t stop Curtis from carrying on with his daring song writing, thus gaining the people’s admiration.
In the year 2003 up to 2009, 50 Cents sold 25 million copies of his albums making him one of the most famous rappers during those years in par with the Black Eyed Peas. He was an aggressive rapper who dared remake other artist’s tracks attempting to make them better, gaining a handful of enemies and countless disputes along the way. Among these confrontations the most notable ones were those involving fellow rappers the Game, Jadakiss, Ja Rule, Black Child, and Rick Ross. The most life-threatening among these was his public spat with Ja Rule, leading to Rule’s label mate Black Child stabbing him but the feud which condemned 50 to his “bankruptcy” claim was between him and Rick Ross.
The bad blood betweeen 50 Cents and Ross has been going on for years, even going as far as to release songs mocking each other. Curtis crossed the line when he released a scandalous video containing the mother of Ross’ child, Lastonia Leviston. The two never met each other in person until the court hearing, the rapper had no personal grudge against the woman but did it out of spite for Ross. The court ordered him to pay Leviston $7 million for punitive damages. This seemingly hit the last nail in the coffin, when he decided to file for bankruptcy.
The fine for Leviston’s case went on top of Curtis’ other cases including $17 million owed to headphone manufacturer Sleek Audio for design infringement – his worst business investment yet. 50 Cents initially had a deal with the company to produce his own line of headphones inspired by the success of Beats by Dre but when the deal fell apart Curtis still decided to go through with the release resulting to the verdict in favor of Sleek Audio.
50 Cents promptly filed for bankruptcy in 2015 after Levinston won the case. According to Forbes, his assets amounted to around $24.8 million while the collective amount of the court rulings pushed his debt to more than $32.5 million. Papers filed to the bankruptcy court showed that he earns $185 thousand a month but spends $108 in expenses and allots $72 thousand on an 18 bedroom mansion on top of this. On social media however, 50 Cent has been seen posting photos of him with luxury cars, private jets, and flashy jewelry which he claimed were not his.
According to a source the court requested details regarding his endorsement deals but 50 Cents refused to provide this information claiming that disclosing such would violate the contract. His refusal to comply raised several questions and speculations as to whether or not the rapper was fully honest on his bankruptcy claim or was simply avoiding to own up to his mistakes. It does make you wonder if he was truly able to spend his more than $300 million fortune and leave almost completely empty handed or was he merely faking the bankruptcy claim, taking advantage of the relief it offers.
50 Cent once made the hefty sum of $300 million in two years, being good at profiting from any given situation, $100 million of which was from his early investment in Vitaminwater before the company was sold to Coca-Cola in 2007. He was also earning from his own businesses namely G-Unit Records and G-Unit Clothing Company. Meanwhile also earning a sizable fortune from endorsement deals for products including Rebook and Right Guard. How could someone so brilliant not possess any assets to salvage his financial situation when Washington Post estimated his money to be supposedly at half a billion dollars?
Eyebrows were raised when the rapper continued posting photos of him with fat stashes of hundred dollar bills following the bankruptcy claim. The issue was raised to court in documentation by Leviston, SunTrust Bank, and Sleek Audio – three claimants whom 50 Cents owes a collective amount of $29 million. Aside from these questionable photos were posts and photos of huge public performances which theoretically earned him a lot – public performances that hasn’t reported to court. There was also a post of his stating “My crib is almost finished in AFRICA. I’m gonna have the craziest housewarming party ever” a property which was never declared along with a trademark he made for the valuable “50 Cent” brand back in 2004 that unceasingly provides him with profits.
Judge Ann Nevins questioned Curtis about the possible alleged money stashes and properties he has not reported to which Curtis denied all allegations, filing a response that the cash in his photos were merely “prop money” used as a tool for marketing and keeping up with his rapper image. “Just because I am photographed in or next to a certain vehicle, wearing an article of clothing, holding a product, sitting next to what appears to be large sums of money or modeling expensive pieces of jewelry does not meant that I own everything in those photos,” he stated in his court filed response.
Opposing speculations regarding the legitimacy of his bancruptcy are rampant in the web but on a positive note, he has already settled all payments due in 2016 using his wits. The money he used to pay came from suing the law firms which represented him in the Sleek Audio and Lastonia Leviston case – lawsuits which he won a collective sum of $46.5 million. The court still hasn’t let go of its speculations and investigations regarding his “hidden wealth” still continues to this day, hopefully he was truly honest in his declarations or he might have to face bigger consequences – bankruptcy fraud can result to a sentence of up to five years in federal prison.
Mistakes come with repercussions, however big it may be you must face it or you might be at risk of suffering from an even more tragic punishment. Educate yourself in laws and finance while managing your funds responsibly. For a healthy foundation in building your money machine and achieving long-term financial freedom, you can download a FREE copy of my e-book: https://junpasion.com/blueprint-to-financial-freedom/
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