50 Cent, whose real name is Curtis Jackson, filed for chapter 11 bankruptcy protection on Monday.
It appears his rap name may truly suit him now.
Jackson reported assets and debts each ranging from $10 million to $50 million.
The filing comes just three days after a jury ordered the rapper and actor to pay $5 million to Lastonia Leviston in an invasion-of-privacy lawsuit. She claimed he leaked a sex tape in which she was featured.
Leviston has a daughter with Rick Ross, who is Jackson’s rap rival. Jackson reportedly released the sex tape in 2009 to embarrass Ross.
The lawsuit stems from a 13-minute video that appeared online in 2009 featuring a wig-wearing 50 Cent as a narrator dubbed Pimpin’ Curly.
The Pimpin’ Curly character was just ‘joking’ by referring to Leviston as a ‘porn star,’ 50 Cent said during sworn pre-trial questioning that was played for the jury, according to news reports. He didn’t testify at the trial.
Leviston said she was horrified and humiliated when the video appeared online.
She said in her testimony, “This was something done to me. I didn’t have a choice. I would never, ever do this to myself”.
Forbes listed Jackson’s net worth at $155 million in May, ranking the 40-year-old No. 4 on the list of the wealthiest hip-hop artists.
50 Cent was previously one of the world’s wealthiest rappers after his minority stake in Vitamin Water landed him between $60 and $100 million when the Coca Cola Company acquired the brand from Glaceau for $4.1 billion in 2007.
Jackson, 40, starred in the Starz network action series ‘Power’ and can be seen in the upcoming boxing movie ‘Southpaw.’
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