By BY HILLARY BUSIS, Mashable, July 13, 2015 – There are about 50 different ways we could start this story — Does this mean he’s going to die tryin’? He’ll take you to the candy shop, but he won’t buy you anything — but we’ll spare you.
Rapper Curtis James Jackson III, better known as “In Da Club” chanteur 50 Cent, has filed for bankruptcy. A petition filed in the U.S. Bankruptcy Court in Hartford, Connecticut, on Monday reveals that the Grammy winner has reported estimated assets and debts in the $10 million to $50 million range. It also indicates that Jackson has between 1 and 49 creditors.
The news comes as something of a shock, considering that Jackson has long been considered one of the hip-hop community’s most savvy businessmen. He’s the founder of G-Unit Records and G-Unit Films, and cofounder of the G-Unit Clothing Company. In the mid-aughts, he also partnered with the beverage company Glacéau, the creator of Vitamin Water, on an enhanced water drink called Formula 50. Jackson had a minority share in that company; he reportedly earned $100 million after taxes when Coca-Cola purchased Glacéau.
As recently as 2014, Forbes touted 50 Cent as the fifth most wealthy artist in hip-hop, citing his net worth as $140 million.