People had a lot of jokes about Curtis “50 Cent” Jackson filing for Chapter 11 bankruptcy, but filing for bankruptcy doesn’t necessarily mean that the filee is broke. In 50 Cent’s case, filing was a protective move so that he doesn’t actually lose all of his earnings, according to reports.
“Walt Disney had filed for bankruptcy before. Donald Trump has filed bankruptcy,” 50 Cent told E! News while promoting his new movie, Southpaw. “It means you’re re-organizing your finances. But, it does stop things from moving forward that you don’t want moving forward, so…”
50 Cent was ordered to pay Rick Ross’ ex, Lastonia Leviston, $5 million on Friday as a result of a sex tape of her that he leaked in 2009 in an attempt to bait Ross during a beef. This Chapter 11 filing could be a chess move as a result of coughing up so much dough as a result of that lawsuit.
“When you’re successful and stuff, you become a target. I don’t wanna be a bullseye,” 50 told E!. “I don’t want anybody to pick me as the guy that they just come to with astronomical claims and go through all that.”
That was probably code for the fact that he just got got…due to his own actions, of course. Anyway, he added that he was “taking precautions that any good businessperson would take in this situation.”
50 Cent might be a lot of things, but foolish isn’t one. Nothing he does is without careful consideration.