50 Cent and Jay Z are similar in how their titanic music success far overshadowed their business acumen. The former was named by Forbes as one of hip-hop’s five wealthiest artists just a few months ago. How could he suddenly go broke?
Well, 50 Cent didn’t go broke; declaring bankrupt and running out of money aren’t synonymous. As Wall Street Journal explains, declaring for Chapter 11 bankruptcy is really a protective measure after being ordered to pay $5 million for allegedly leaking Lastonia Leviston’s (Rick Ross’s ex) tape.
“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,” said his lawyer William A. Brewer III, his lawyer, in a statement.
The filling says that 50 Cent has between $10-50 million in assets and debt. Declaring bankruptcy restructures his financial affairs and gives him more time to pay that $5 million.
So 50 Cent isn’t broke. It’s strange that would be an assumption, though: Nobody said this through the numerous times Donald Trump has declared bankruptcy.
This is what 50 Cent’s bankruptcy filing really means was originally published on theurbandaily.com