Curtis James Jackson III, the rapper better known as 50 Cent, filed for chapter 11 bankruptcy protection Monday. “In court papers filed in the U.S. Bankruptcy Court in Hartford, Conn., Jackson reported assets and debts each in the range of $10 million to $50 million. The attorney listed on the bankruptcy petition couldn’t immediately be reached for comment Monday. The filing comes days after a jury directed Mr. Jackson to pay $5 million to a woman (Lastonia Leviston) who sued over a sex tape,” the Associated Press reported.
Jackson’s net worth was previously thought to be a staggering $270 million. While many might think this was accumulated through music and movies, it was actually his minority stake in Vitamin Water who, in 2007, was acquired for $4.1 bllion by an affiliate of Coca Cola.
According to the Washington Post at the time, “50 Cent was thought to have walked away with a figure somewhere between $60 million and $100 million, putting his net worth at nearly a half billion dollars.” Even though the rapper no longer has an equity stake in the company he has continued to be a spokesperson.
After word of the Wall Street Journal breaking the story, Twitter erupted. Mainly to poke fun at Jackson. Here’s a sample of some of the digs he’s received so far. More details will probably be released on all of his debt in the coming weeks.
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