Rapper-actor 50 Cent filed for Chapter 11 bankruptcy just days after a jury determined he should pay $5 million to a woman who sued him over a leaked sex tape.
Now 50, whose real name is Curtis Jackson III, reveals the details of the decision.
“I’m taking the precautions that any other good businessman would take in this situation,” he told E! News after filing. “You know, when you’re successful and stuff, you become a target. I don’t want to be a bullseye. I don’t want someone to choose me as the guy they come to with astronomical claims and go through all this .”
As for what’s at stake for the star, Connecticut Bankruptcy Court filings put his assets (and debts) at between $10 million and $50 million.
And as far as he’s concerned, he’s in good company when it comes to protecting what he’s got.
“Walt Disney has filed for bankruptcy. Donald Trump has filed for bankruptcy,” he added. “That means you’re reorganizing your finances, but it’s stopping things from moving forward that you don’t want to move forward.”
