50 Cent has filed for chapter 11 bankruptcy protection in a Connecticut court, after being ordered to pay $5m in damages for circulating someone else’s sex tape and adding his own audio commentary.
According to The Independent UK, the rapper, real name Curtis James Jackson III, reported assets and debts each in the range of $10 million to $50 million in the court papers, which you can view here.
Jackson’s legal team were “disappointed” on Friday when he was slapped with $5m in punitive damages for appropriating a 13-minute video featuring Lastonia Leviston, narrating it as a character called ‘Pimpin’ Curly’ while wearing a wig.
At the time, Jackson was feuding with Rick Ross with whom Leviston has a child.
“This was something done to me. I didn’t have a choice. I would never, ever do this to myself,” she testified.
50 Cent previously consistently made ‘top five richest rappers’ lists, and in December 2014 signed a $78 million deal with underwear brand Frigo RevolutionWear.
“I just did a deal for $78 million for underwear. What did you muthaf*ckas do today? Lllllllllooooolllllllllll” he wrote on Instagram at the time.