50 Cent Files For Bankruptcy After Losing Out In $5 Million Sex Tape Lawsuit
Posted on Mon Jul 13th, 2015 10:35am PDT By X17 Staff
It looks like 50 Cent doesn't even have 50 cents to his name. The rapper just declared bankruptcy after losing a multi-million dollar lawsuit.
On Monday, the music man filed the papers -- a mere three days after losing a $5 million lawsuit to Lavonia Leviston. Last week, a jury awarded Rick Ross' baby mama $5 million, after deciding that the rapper intentionally leaked a sex tape of her and another man in order to embarrass Ross, reports TMZ.
According to the bankruptcy filing, 50, who has to produce proof of income in order to determine punitive damages, claims his assets are between $10 and $50 million but his liabilities are also between the same range, reports Page Six.
To add insult to injury, 50 also lost a court case which will cost a $17.2 million for ripping off a headphones design.
It's quite a shock to see him bankrupt since Forbes estimated 50's net worth at $155 million in May.
On Monday, the music man filed the papers -- a mere three days after losing a $5 million lawsuit to Lavonia Leviston. Last week, a jury awarded Rick Ross' baby mama $5 million, after deciding that the rapper intentionally leaked a sex tape of her and another man in order to embarrass Ross, reports TMZ.
According to the bankruptcy filing, 50, who has to produce proof of income in order to determine punitive damages, claims his assets are between $10 and $50 million but his liabilities are also between the same range, reports Page Six.
To add insult to injury, 50 also lost a court case which will cost a $17.2 million for ripping off a headphones design.
It's quite a shock to see him bankrupt since Forbes estimated 50's net worth at $155 million in May.