UPDATE: Monday, July 24 (4:52 pm ET) : Curtis Jackson has been ordered to pay an addition $2 million (USD) in punitive damages to sex tape lawsuit plaintiff Lastonia Leviston.
Two weeks ago, jurors decided that the rapper had to fork over $5 million to the mother of Rick Ross’ child. Lewiston claimed that 50 Cent had violated her privacy by releasing the tape online. The rapper filed for Chapter 11 bankruptcy three days after the court’s ruling.
Leviston’s lawyer had originally asked jurors to award her $15 million in damages.
UPDATE: Monday, July 13 (9:05 pm ET) : Curtis Jackson, a.k.a. 50 Cent, wants people to know he’s doing alright after his recent bankruptcy filing.
“I’m not panicking. People love tragedy more than they love good news, no matter how you look at it. The news comes on, and it’s 90 percent tragedy,”; the 40-year-old rapper and businessman tells ET“s Kevin Frazier at the “Southpaw”; press junket.
“I have faith in the court systems,” he continues. “I know at points you gotta just relax and go through the process.”
Jackson continues to explain that the filing is not a red flag for him.
“I make decisions to do things based on the position that I’m placed in at points and if I’m consistently being made out to be a target because of my financial situation …,” he says. “If [people] actually believe that I wouldn’t be conscious of who I am and protecting myself …”
50 Cent’s financial and legal woes continue to snowball.
The rapper has just declared bankruptcy after losing a multi-million dollar lawsuit.
Rolling Stone reports that 50 (a.k.a. Curtis Jackson) filed for Chapter 11 bankruptcy protection on Monday. The filing occurred three days after the star was ordered to pay $5 million to the mother of Rick Ross’ child, Lastonia Leviston, for damages and infliction of emotional distress stemming from the release of a 2009 sex tape. The jury determined that 50 had intentionally leaked a sex tape that featured her and Ross.
According to the filing, 50 Cent’s assets and debts total between $10 and $50 million.
A press release issued by 50’s lawyer states that the filing is meant “to reorganize his financial affairs, as he addresses various professional liabilities and takes steps to position the future of his various business interests. Mr. Curtis Jackson’s business interests will continue unaffected in the ordinary course during the pendency of the Chapter 11 case.”;
The statement from William A. Brewer III continued, “this filing for personal bankruptcy protection permits Mr. Jackson to continue his involvement with various business interests and continue his work as an entertainer, while he pursues an orderly reorganization of his financial affairs.”;
50 Cent’s net worth is estimated to total $155 million. The controversial rapper ranked fourth on Forbes’ 2015 list of ‘Hip-Hop’s Wealthiest Artists.’
To make matters worse, 50 also lost another multi-million dollar lawsuit in 2014 over copyright infringement relating to the design of headphones.