50 Cent Files for Bankruptcy, Following Lawsuit

A few days after a New York judge ordered 50 Cent to pay a woman $5 million dollars for leaking her sex tape, the rapper has decided to file for bankruptcy. “I am taking the precautions that any other good businessperson would take in this situation. You know when you are successful, you become a target,” 50 Cent told E! News. He added,”I don’t wanna be a bullseye. I don’t want anybody to pick me as the guy that they just come to with astronomical claims and go through all that.”

Lastonia Leviston, the woman who sued 50 Cent, filed the lawsuit against the rapper five years ago citing emotional distress. Leviston believed 50 Cent was responsible for leaking the sex tape online, but 50 has denied those claims. Leviston is the ex-girlfriend of Rick Ross, and 50 Cent claims Ross was responsible for initially leaking the tape. The New York rapper did acknowledge that he shared the embedded video link online, but he never admitted to actually leaking the tape. The jurors didn’t believe 50 Cent’s claims, and so he was ordered to pay the victim. The sex tape features Leviston and her boyfriend (not Rick Ross), but 50 Cent edited himself into the video for comical purposes. Now that 50 Cent has filed chapter 11 bankruptcy, it appears he will not pay the $5 million dollar judgement.

Back in May, the rapper’s boxing promotions company also filed for chapter 11 bankruptcy. SMS Promotions stated they filed for bankruptcy in order to reorganize and reemerge as a better company. The boxing company is reportedly in between $100,000 to $500,000 debt.

“[Bankruptcy] means you’re reorganizing your finances, but it does stop things from moving forward that you don’t want moving forward,” 50 Cent proclaimed. He also stated that he had a good legal team, and so the public doesn’t have to worry about his finances. The rapper’s assets and liabilities range from $10 to $50 million. 50 Cent was named toForbes magazine’s Wealthiest Hip-Hop Artists list this year. The rapper was ranked Number 4 on the list with an income of $155 million.