Celebrity: 50 Cent
Date of Birth
50 Cent Net Worth:
American rapper, actor, producer and businessman, 50 Cent who has a Net Worth of $20 million was born Curtis Jackson III on the 6th of July, 1975.
He joined the hip hop music industry back in 2003 with his debut album ‘Get Rich or Die Trying’ and till today, his studio albums have sold more than 21 million copies. 50 Cent who in his generally brief time in the spotlight established the music record label named G-Unit records, with G-Unit clothing line company, has also acted in a few films with legends like Al Pacino and Robert Deniro.
On the 13th of July, 2015, the Wall Street Journal announced that 50 Cent had petitioned for Chapter 11 personal bankruptcy protection, that was documented in US bankruptcy court in Hartford Connecticut since he is an inhabitant of Connecticut, where he lives in Mike Tyson’s old mansion situated at 50 Poplar Hill Dr, Farmington, CT 06032.
In the documenting, 50 Cent’s accounted for resources esteemed in the scope of $10 million to $50 million with claims to have debts of equivalent sums, few days after a jury ordered him to pay Rick Ross’ ex Lavonia Leviston, a $5 million judgment for deliberately releasing a sex tape in which she was included. The judgment that included of $2.5 million for utilizing her picture without authorization and another $2.5 million for emotional distress. Following the development, the judge who ordered 50 Cent to provide proof of his income and worth so the jury can decide on the further punitive damages said;
Following the bankruptcy filing, I addressed a bankruptcy attorney to see precisely what is happening. The lawyer disclosed to me that in view of what had simply occurred with the sex tape judgment that he would accept that the bankruptcy filing is a vital step. In this present lawyer’s conclusion, doubtlessly Mr. Jackson petitioned for individual liquidation for three essential reasons which are:
#1) To keep the judgment creditor (Lavonia Leviston) from having the capacity to disrupt his business activities and place liens on his benefits.
#2) To constrain the creditor to the negotiating table to bring the $5 million judgment down.
#3) To prevent the jury in the sex tape case from having the capacity to grant Ms. Leviston further punitive damages.
50 Cent’s most splendid financial investment came when he negotiated a minority stake in Vitamin Water as an end-result of being their celebrity representative while loaning his name for the “Formula 50” drink. Also the Coca Cola Company’s acquiring of Vitamin Water from Glaceau for $4.1 billion made 50 Cent 10 times more cash than he had ever made from rapping. While his equity stake in Vitamin Water was at first answered to be 10% which would have implied $410 million in his pockets. But this number was broadly dismissed by investment bankers familiar with the deal who hinted that 50 stake was more like 2.5%, implying that he made $100-$150 million off the deal (before charges).
Back in July 2017, though not confirmed, it was hinted for that 50 had sold his minority stake in Effen Vodka for $60 million. He later took to his instagram page to affirm that the deal occured, but did not really affirm the $60 million number which can be traced back to DJ Envy on The Breakfast Club radio show. Envy detailed the number, however did not give any source or check.