50 Cent declared bankruptcy on July 13 after losing a multi-million dollar lawsuit. The filing comes after Lavonia Leviston won a $5 million jury verdict against 50 after the court determined the rapper intentionally leaked a sex tape in which she was featured. Leviston is the former girlfriend and mother of rapper Rick Ross’ child.
Allegedly, 50’s voice was digitally inserted as a commentator in the sex tape that appeared on the Internet. Ross and 50 have had differences for over 6 years and the tape was supposedly a way for 50 Cent to get back at Ross. The 13-minute video featured 50 Cent in a wig as a narrator “Pimpin’ Curly.” He made explicit remarks about the images and taunted his Ross.
In May, Forbes estimated 50’s net worth at $155 million. The artist, whose real name is Curtis Jackson III, filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court.
“Mr. Jackson’s business interests will continue unaffected in the ordinary course during the pendency of the Chapter 11 case,” attorney William A. Brewer III said in a statement. “This filing for personal bankruptcy protection permits Mr. Jackson to continue his involvement with various business interests and continue his work as an entertainer.”
According to a report by Page 6, the bankruptcy filing 50 says his assets are valued between $10 and $50 million, but his liabilities are also between the same ranges. This comes along after a jury ruled a $17.5 million judgment against him for copying a headphones design.