Curtis James Jackson III, popularly known as 50 Cent, is a rapper actor investor and entrepreneur. According to Forbes, 50 is among the highest-paid guys in hip hop with a net worth of $155 million, but following the rapper’s alleged bankruptcy, he claims to be worth a mere $5 million.
Jackson has had a torrid path of life. At the age of 15, Curtis sold drugs for upkeep. He dropped the illegal business to pursue his rapping and singing career and as soon discovered by Eminem who signed him unto his Shady Records. Thanks to Dr. Dre and Eminem, Curtis was able to quickly rise to the limelight making the 9 bullets shots story very famous. He added his name among the best-selling hip-hop musicians of all times. James went on to found the G-Units Records where he signed Tony Yayo, Lloyd Banks and Young Buck. During his singing career, Curtis has managed to sell over 30 million albums.
50 Cent Net Worth: Get Rich or Die Trying Theory
50 Cent’s motivational motto that drives his hunger for success is the get rich or die trying statement. To achieve his dream, 50 Cent have learned to diversify his portfolio. In addition to his G-Unit record label which has sold millions of records, 50 also owns movie production companies (G-Unit Films and Television Inc and Cheetah Vision) which produce and market movies across the world. 50 have sold TV series to networks including Power to Starz and Dream School to Sundance TV. He makes a total of $35,000 per episode from “Power” which he also has an acting role.
50 has since ventured in acting making his debut as the lead actor in 2005 movie “Get Rich or Die Tryin'”. Since then 50 has gone on to star alongside award-winning actors like Robert DeNiro, Forrest Whitaker, Alpacino and Sylvester Stallone. In 2009, 50 Cent signed a $200 million deal for 10 films with the famous Lionsgate and Grindstone.
50 Cent Net Worth: Business Ventures
Without doubt, 50 Cent is a natural entrepreneur pouncing on every worthy deal he can get his hands on. 50’s diverse business portfolio includes liquor, fragrances, footwear, clothing, book publishing, health drinks, headphones, mobile app, as well as investments in real estate, financial market and boxing promotion. In 2007, 50 collaborated with energy brand Glacéau to create enhanced water drink Formula 50 aka VitaminWater. 50 got minority shares in the brand and endorsed the product. In 2007, when Coca Cola bought Glacéau for $4.1 billion, 50 earned $100 million after taxes. The deal gave 50’s net worth an apparent boost.
50’s other notable business ventures include SMS (Studio Mastered Sound) Audio a consumer-electronics company he founded in 2011. SMS Audio which sells Street by 50 headphones acquired Kono Audio later in 2011 in order to re-brand its products.
50 is the CEO and founder of Street King Energy a flavored energy drink whose part-proceeds is donated for charity purposes. He also owns SMS Promotions from where he promotes boxers.
In 2014, Curtis became a part-owner of Effen Vodka which he heavily endorses via his social media. He also has investments in Hang w/, a live video broadcasting mobile app that prides many celebrity users. The app has over a million users as of 2015.
In 2014, Jackson was able to nub a $78 million agreement to promote men’s underwear for FRIGO Revolution Wear.
50 Cent’s Net Worth and his Bankruptcy Claims!
50 Cent filled for Chapter 11 personal bankruptcy protection on July 13, 2015, under the U.S. Bankruptcy Court for the District of Connecticut stating over $32 million in debt. The filling came after he was hit with huge fines stemming from two court cases he had lost. The first was against Rick Ross‘ former girlfriend Lavonia Leviston whom 50 was ordered to pay $5 million for breaching her privacy by intentionally posting sex videos of her online without her permission (PS: There’s been a feud between 50 and Rick Ross since 2008).
The other was against his former business partner Sleek Audio, who accused the rapper of stealing the design and technology secrets from them which he used to launch his own company as a competition to theirs. As a result, the court ordered 50 to pay them $17.2 million. That brought his total damage fees to $22.2 million. On the Sleek Audio case, 50 claimed that his lawyers had handled the case wrongly, he eventually filed a $75 million lawsuit against his own lawyers.
While it was perceived that the bankruptcy filling was a defensive mechanism to prevent him from paying the damages, 50’s lawyers claimed that he actually needed time to reorganize his finances. In the bankruptcy statement, 50 declared assets worth $10 – $50 million while swearing under oath to have a net worth of $4.4 million. He also declared debts owed to his fitness instructor, barber, and stylists.
After a year-long court battle, 50 in July 2016 finally reached a settlement that would pay a total of $23.4 million to his two creditors in the space of 5 years. It appears 50 would be needing another VitaminWater-like deal to come his way OR NOT….many never bought the bankruptcy story.