Published Jul 14, 2015We hope you weren't losing any sleep over recent reports that 50 Cent had filed for bankruptcy, because the rapper is apparently doing just fine. Following a statement from his legal team explaining they were doing some refinancing, the artist himself has come out and said he's just taking some precautions with his stash of cash.
As previously reported, the rapper (real name Curtis Jackson) filed for chapter 11 bankruptcy protection in a Hartford, CT courtroom yesterday (July 13). It had been reported that his assets and debts range between f $10 million and $50 million USD. The filing was made shortly after it was leaked that Jackson was to pay $5 million USD to Lastonia Leviston for leaking a sex tape.
His legal counsel issued a statement explaining that the move was made so that 50 Cent could "continue his involvement with various business interests and continue his work as an entertainer, while he pursues an orderly reorganization of his financial affairs." Now, the rapper has added in a statement of his own that he's "taking the precautions that any other good businessperson would take in this situation."
"You know when you're successful and stuff, you become a target. I don't wanna be a bulls eye. I don't want anybody to pick me as the guy that they just come to with astronomical claims and go through all that," he said during a junket promoting Southpaw [via E! News].
He added: "Walt Disney has filed bankruptcy. Donald Trump has filed bankruptcy. It means you're reorganizing your finances, but it does stop things from moving forward that you don't want moving forward. I gotta decent legal team. You don't have to worry."
50 Cent also made light of the situation through his Instagram account, where he posted a picture of himself standing beside a Smart car, which came with the caption, "Times are hard out here LMAO."