50 Cent, who's made his business acumen a big part of his persona, has just filed for bankruptcy.
Fif reported assets and debts each in the range of $10 million to $50 million in papers filed in the U.S. Bankruptcy Court in Hartford, Conn today.
On Friday, 50 Cent lost the first round of his trial against Rick Ross's baby mama Lavonia Leviston, who had sued him for leaking her sex tape. The jury awarded Leviston at least $5 million, and was set to weigh punitive damages this week.
In May, 50's SMS Boxing Promotions also filed bankruptcy.
50 Cent has yet to comment on his bankrupcy. (Neither has Puff Daddy, Rick Ross, etc...)
Update: Here is a statement from 50 Cent's lawyer:
"The filing allows Mr. Jackson to reorganize his financial affairs, as he addresses various professional liabilities and takes steps to position the future of his various business interests," says William A. Brewer III, partner at Brewer, Attorneys & Counselors, and counsel to Mr. Jackson, in a statement. Mr. Jackson’s business interests will continue unaffected in the ordinary course during the pendency of the chapter 11 case. 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."