Rapper, actor and self-proclaimed Empire hater 50 Cent has filed for chapter 11 bankruptcy protection. According to the Wall Street Journal, Curtis Jackson reported debts and assets in the range of $10 -$50 million. Interesting. 50 Cent was recently named on Forbes list with a net worth of $155 million.
So why is he declaring bankruptcy?
Last week, a jury ruled 50 must pay Rick Ross‘ baby mama Lastonia Leviston $5 million for violating her civil rights by using her image without permission and intentionally inflicting emotional distress when he posted a sex tape of Leviston and her then boyfriend online. $5 million isn’t a problem for 50 right? Not so fast. The figure can be multiplied when the jury weighs the punitive damages in the case.
Manhattan Supreme Court Justice Judge Paul Wooten ordered 50’s legal team to hand over his tax returns for the last five years and his financial net worth statements. He will also have to testify about his finances. Judge Wooten reportedly told the jurors that the punitive damages can be large enough that not only punishes 50, but that it deters other people from engaging in similar conduct in the future.
This settlement could permanently knock 50 Cent off of the elite Forbes list. But after all of 50’s shenanigans, it just might be karma.