50 Cent is setting the record straight on filing for bankruptcy.
The rapper gave an official statement to E! News regarding his financial affairs, explaining that he is “taking the precautions that any other good businessperson would take in this situation.”
“When you’re successful and stuff, you become a target. I don’t want to be a bulls eye,” 50 Cent, whose real name is Curtis Jackson, explained. “I don’t want anybody to pick me as the guy that they just come to with astronomical claims and go through all that.”
The shocking news regarding the rapper’s financial state broke Monday morning with reports speculating that he had filed for Chapter 11 bankruptcy following a sex tape lawsuit. 50 Cent was ordered to pay Lavonia Leviston $5 million for posting a sex tape of her and another man without her consent.
This wasn’t the only big hit to 50 Cent’s finances. He also lost a civil suit with Sleek Audio last year, which placed a $17.2 million judgment against him for copying the brand’s headphone design.
The rapper also pointed out that other famous businessmen like Walt Disney and Donald Trump have filed for bankruptcy in the past. His perspective on his decision is that “it means you’re reorganizing your finances, but it does stop things from moving forward.”
50 Cent’s attorney William A. Brewer III spoke on his client’s behalf explaining that filing for bankruptcy “permits Mr. Jackson to continue his involvement with various business interests.” He will “continue his work as an entertainer” during this difficult time to restore and reorganize his financial affairs.
Image courtesy of RogerWong/INFphoto.com
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