TOM Gist: 50 Cent Declares Bankruptcy

50-cent-power

50 Cent is no longer getting money. The rap mogul has filed for bankruptcy, three days after Rick Ross’ baby mama won a $5 million verdict against him.

A jury awarded Lastonia Leviston the judgement after determining that 50 intentionally leaked a S3x tape in which she was featured, in order to embarrass his rival Ross.

50 has been ordered to produce proof of income and worth so the jury can determine punitive damages. The disclosure would have given a rare glimpse into his financial background.

According to the Chapter 11 bankruptcy filing, obtained by
Page Six , Jackson has $10 to $50 million in assets and $10 to $50 million in liabilities. It puts his creditors at between 1 and 49.

Last year, 50 lost a court case in which a jury fined him $17.2 million for ripping off his SMS Audio headphones design.

The bankruptcy filing comes as a surprise as the hip-hop tycoon had a reputation for being among the wealthiest in hip-hop. Earlier this year, Forbes estimated his net worth at $155 million.

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