50 Cent Net Worth
50 Cent net worth: 50 Cent is an American rapper and entrepreneur who has a net worth of $15 million. 50 Cent was born Curtis Jackson III on July 6, 1975. 50 burst onto the rap scene in 2003 with his debut album Get Rich or Die Trying. To date, his studio albumshave sold over 21 million units. In his relatively short time in the spotlight, 50 Cent founded label G-Unit records, launched G-Unit clothing company, and has even acted in several movies with legends like Al Pacino and Robert Deniro.
50 Cent Bankrupt!?!?!
On July 13, 2015, the Wall Street Journal reported that 50 Cent had filed for Chapter 11 personal bankruptcy protection. The bankruptcy was filed in US bankruptcy court in Hartford Connecticut because 50 is a resident of Connecticut. 50 lives in Mike Tyson's old mansion located at 50 Poplar Hill Dr, Farmington, CT 06032 (see photos of the house here). In the filing, 50 Cent's reported assets valued in the range of $10 million to $50 million and claimed to have debts of equal amounts. The filing comes days after a jury ordered 50 to pay Rick Ross' ex girlfriend Lavonia Leviston, a $5 million judgment for intentionally releasing a sex tape in which she was featured. The judgment was made up of $2.5 million for using her image without permission and another $2.5 million for emotional distress. The judge in that case also ordered Mr. Jackson to produce proof of income and worth so the jury can determine further punitive damages. After hearing about the bankruptcy filing, I spoke to a bankruptcy attorney to understand exactly what is going on. The attorney explained to me that based on what had just happened with the sex tape judgment that he would assume that the bankruptcy filing is a strategic move. In this attorney's opinion, it would appear that Mr. Jackson filed for personal bankruptcy for three important reasons: #1) To prevent the judgment creditor (Lavonia Leviston) from being able to disrupt his business operations and place liens on his assets. #2) To force the creditor to the negotiating table to bring the $5 million judgment down. And #3) To prevent the jury in the sex tape case from being able to award Ms. Leviston further punitive damages.
50 Cent Net Worth – The Vitamin Water Deal:
50 Cent's most brilliant financial investment came when he negotiated a minority stake in Vitamin Water in return for being their celebrity spokesman and lending his name for the "Formula 50" drink. The Coca Cola Company acquired Vitamin Water from Glaceau for $4.1 billion and made 50 Cent 10 times more money than he had ever made rapping. 50's equity stake in Vitamin Water was initially reported to be 10% which would have meant $410 million in his pockets. This number was widely dismissed by investment bankers familiar with the deal who intimated that 50 stake was closer to 2.5% which means he made $100-$150 million off the sale (before taxes). Not bad!