50 Cent files for bankruptcy

Getty Images Recording artist 50 Cent

Getty Images
Recording artist 50 Cent

Curtis James Jackson III, the rapper better known as 50 Cent, filed for bankruptcy on Monday.

Documents filed in Connecticut Bankruptcy Court showed Jackson’s listed assets and debts to be in the range of $10 million to $50 million. (Tweet This)

The chapter 11 bankruptcy filing comes days after a jury ruled that Jackson must pay $5 million to a woman suing over a sex tape that was posted without her permission, according to the Associated Press.

Read More 50 Cent opens up on a big Beats Electronics regret

Jackson’s attorney was not immediately available to comment on the timing of the filing.

The bankruptcy may come as a shock to some considering Jackson’s savvy business ventures and his status as one of hip-hop’s wealthiest artists at a net worth of $155 million Forbes has reported.

A sale of the rapper’s stake in VitaminWater netted him about $100 million after taxes when Coca-Cola purchased the beverage brand in 2007.

After a sense of frustration with Beats Electronics, the headphones company co-founded by Dr. Dre and later bought by Apple, 50 Cent founded his own competitor by launching SMS Audio in 2011. When Jackson appeared on QVC in 2012 the company sold more than $175,000 worth of headphones in nine minutes.

In a more recent venture, Jackson closed a $78 million deal at the end of 2014 with FRIGO Revolution Wear to promote men’s underwear.

Read More 50 Cent signs $78M underwear deal

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