50 Cent left everyone gasping earlier today when news broke that he filed for chapter 11 bankruptcy.
Following losing a lawsuit to Rick Ross’ baby mother, the Power rapper was ordered to pay $5 million to her for damages, and was also ordered by a judge in 2014 to pay $17.2 million for stealing a headphone company’s design.
Fifty filed for bankruptcy, and while the internet went nuts with speculation of him being broke, it turns out it was all part of a smart business move to protect himself.
He spoke out on the move with E! News at his Southpaw junket earlier today, stating:
“I’m taking the precautions that any other good businessperson would take in this situation. You know when you’re successful and stuff, you become a target. I don’t wanna be a bulls eye. I don’t want anybody to pick me as the guy that they just come to with astronomical claims and go through all that.”
“Walt Disney has filed bankruptcy. Donald Trump has filed bankruptcy. It means you’re reorganizing your finances, but it does stop things from moving forward that you don’t want moving forward. I gotta descent legal team. You don’t have to worry.”
Reports say that 50’s assets are between $10 million and $50 million, while his liabilities are also between the same range.
His attorney also said of the filing:
“This filing for personal bankruptcy protection permits Mr. Jackson to continue his involvement with various business interests and continue his work as an entertainer, while he pursues an orderly reorganization of his financial affairs.”
What are your thoughts on 50’s move?
SOURCE: E! News | PHOTO CREDIT: Getty