The Strange Reason Why 50 Cent Went From Millionaire to Bankrupt
In 2014, rapper cum entrepreneur Curtis Jackson embraced bitcoin payments for his Animal Ambition album, citing that technology impacts on and changes business. As such, any form of payment was acceptable to him.
Fast forward to 2018, the rapper appeared to take a step back on the “advancing technology,” claiming that he had never owned Bitcoin. According to his argument, he only went with the incorrect TMZ report at the time which stated that he was accepting cryptocurrency.
According to TMZ, the steep rise in bitcoin’s value, which reached its all-time high at just a few dollars shy of $20,000 in 2017, earned 50 Cent a multi-million dollar windfall. Refuting this claim in court, however, Jackson said that as long as incorrect reports doing rounds in the media were not irreparably damaging his brand image, he felt no need to denounce them publicly.
The fact that the rapper has endured financial whirlwinds over his career is an open secret. In 2015, debts of up to $32.5 million forced him into filing for bankruptcy. Still, his net worth on Forbes’ Hip-Hop’s Wealthiest Artists list that year was at an all-time high, peaking at $155 million. Additionally, 50 Cent’s name had always been on the list ever since the magazine debuted it in 2007.
Legal battles in 2016 left him crashing down, plummeting his net worth by roughly $200 million. Basic math and the conclusion that the Candy Shop singer was in serious debt was glaring him right in the eye. However, his cries of being broke were cited as fabrications in some corners after pictures of the rapper posing with loads and loads of cash surfaced on Instagram.
Cruising to millions and fame
50 Cent credits his rise to fame to fellow hip-hop star Eminem who discovered and paved the way for him. In 2002, his break-out year, he signed a $1 million record deal with rapper and producer Dr. Dre, a signing that propelled him to greater heights of success.
In just half a decade, Curtis “50 Cent” Jackson had cemented his place as one of hip-hop’s greats, churning out tunes like Candy Shop and In da Club. His success in the music industry propelled him to try his hand at other ventures, particularly acting and making video games. Respectively, he released Get Rich or Die Tryin’ and 50 Cent: Bulletproof. In 2007, Forbes had him as the second highest earner in the Hip-Hop Cash Kings list. Over the past year, he had made $32 million from various business ventures.
His fall, however, came when he was charged and found guilty of various illegal activities and crimes. One was the releasing a compromising videotape online in June 2015, which victimized one of his then-girlfriends. After finding him guilty, the court ordered Jackson to pay $5 million in damages to the victim.
Just last year, he was found guilty of copyright infringement, after he copied headphone designs from Sleek Audio, to which end the court ordered a $17 million payment to the headphone manufacturing company. According to his bankruptcy filings, the estimated worth of his assets was $16.5 million less than the debt he owed. The star, however, still insists that his net worth hasn’t diminished.
More in Loans & Credit
Here’s How Women Empowerment Contributes Immensely to the Development of All Social Areas
Several types of research have shown that providing the requisite support for women to embark on advanced studies and get meaningful...May 14, 2019
Years After Legendary Musician Prince’s Death, The Issue Concerning His Luxury Property Still Persists
Legendary musician Prince has been dead for almost three years now, but his mark in the music world continues to live...May 13, 2019
You Won’t Believe What This Homeless Janitor’s Secret is, and It Smells Money, Big Money…
Read’s Lifestyle Ronald Read was the first person in his family to finish high school, and he completed his studies with...May 13, 2019
A Few Quite Unique yet Practical Lessons Starbucks’ CEO Howard Shultz Had to Learn From Magic Johnson
In 1994 Magic Johnson wanted to make the transition from the world of basketball to being a businessman. The NBA Lakers...May 13, 2019
Leonardo Da Vinci: The Evolution of a Great Artist
Till date, most of the work the legendary Leonardo da Vinci did is still a mystery to the world. People wonder how...May 12, 2019
Guess Who Got Married In Vegas Just After The Billboard Awards
Joe Jonas of The Jonas Brothers and Sophie Turner just got married, and this is one Wedding that nobody saw coming....May 12, 2019
Lori Loughlin’s Court Case Just Might Have Just Gotten a Little too Serious and We Are Confused
Just in case you missed it, actress Lori Loughlin and her husband Mossimo Giannuli are presently facing a court case for...May 12, 2019
Check Out The Massive Amount Robert Downey Jr Earns for His Ironman Role
Everybody is still buzzing over the latest Avengers Endgame movie. There is something special about superheroes movies, and The Avengers Endgame...May 11, 2019
Blac Chyna Celebrates Her Acceptance Into Harvard’s Online Business School, But There’s a Twist to the Story
Blac Chyna has decided to enroll for a degree at Harvard Business School. According to a media outlet, her application for...May 11, 2019