Who is 50 cents?
50 Cent is an American producer, rapper, actor, entrepreneur, and producer. At the time of writing, 50 Cent’s Net worth was $40m. 50 Cent has earned around $260 million throughout his career through numerous ventures, notably selling records, performing, and various brand partnership agreements.
However, he has also been spending a lot (especially on cars, real estate, and legal cases) and was forced to apply for Chapter 11 bankruptcy in July 2015. More details on bankruptcy filing are in the next article. Before the collapse, 50 Cent’s fortune topped $100 million.
Early Life
50 Cent was born Curtis James Jackson III on July 6, 1975, in Queens, New York City. He was born in Queens’ South Jamaica neighborhood by his mother, Sabrina, who was a drug dealer.
She passed away at the age of Jackson was only eight years old. Older. His maternal grandmother later fostered 50 Cent. At the age of 12, he began to deal with narcotics in the evenings in the evenings after school.
In the 10th grade, he was detained when metal detectors spotted him in the high school where he was trying to smuggle drugs and guns. He was also arrested in 1994 after he sold cocaine in the hands of an undercover officer and was again arrested when an investigation by police of the house revealed crack cocaine, heroin, and a gun. He was detained for six months at the boot camp and received his GED.
Early Career and Shooting
Jackson gained not-so-great acclaim when the singer released an unpopular underground rap single called “How to Rob.” The song was released in May of 2000. getting ready to drop “Thug Love,” a single by Destiny’s Child, when he was wounded and admitted to hospital.
A gunman attacked him in front of his grandmother’s home in Queens. The attacker (alleged to attack Darryl Baum, who was Mike Tyson’s bodyguard) fired nine shots, and 50 Cent was wounded in the arm, hand, hip, chest, legs, and left cheek.
The assailant was killed three weeks afterward. 50 Cent was hospitalized for 13 days. During his time there and was there, he signed a publishing contract with Columbia Records. But he was sacked by Columbia when he attempted to release the track “Ghetto Qu’ran.”
At the same time, he was removed from his fellow members of the United States recording industry as an entire, so he traveled to Canada to create mixtapes of songs to increase his fame. The year 2002 was the time he debuted the compilation “Guess who’s back? “.
Rise to Fame
Jackson became famous thanks to Eminem in 2002. Eminem was so amazed at “Guess Who’s Coming Back?” that the rapper made an invitation to Jackson into Los Angeles to meet Dr. Dre.
The rapper signed a one-year $1 million record deal and released “No Mercy”No Fear.” Eminem’s film “8 Mile” included the 50 Cent track on the soundtrack. 50 Cent gained massive popularity in 2003 when he released his album debut, “Get Rich or Die Trying.”
The album debuted at the top of the charts at No. one on the Billboard charts and sold more than one million copies within the initial four days. Within a week, the lead song, “In Da Club,” broke the record for the most listened-to radio song in history.
Soon after, Interscope granted 50 of its private label G-Unit Records. Jackson released his second album in March of 2005, “The Massacre.” The album was another huge success, with sales of 1.14 million copies within the first four days of release and holding the top position at the top of the Billboard charts for six consecutive weeks.
The following album was released in 2007with with the title “Curtis,” which debuted at the No. 2 on the Billboard 200. “Before I Self Destruct,” album number 4, was released in November 2009. The label’s dispute with him put off his fifth album, “Street King Immortal,” until November 2012. So far, his Studio albums are sold more than 21 million copies.
Other activities
In his brief time in the spotlight, 50 Cent created the company G-Unit records, launched the G-Unit clothing business, and even appeared in several films with legendary actors such as Al Pacino and Robert Deniro. He started a boxing-related promotion firm, The Money Team, in 2012.
Bankruptcy Filing
On July 13 15th, 2015, The Wall Street Journal reported that 50 Cent was filing for Chapter 11 personal bankruptcy protection. It was filed with the US bankruptcy court in Hartford, Connecticut, because 50 is a resident of Connecticut.
In the filing year, 50 lived in Mike Tyson’s previous mansion on 50 Poplar Hill Dr, Farmington, CT 06032. According to the filing, 50 Cent’s assets ranged between $10 and $50 million. The rapper claimed to have debts in the same sums.
The case was filed days after a jury ruled 50 for Rick Ross’s ex-girlfriend, Lavonia Leviston, an amount of $5 million for deliberately releasing a sexual tape on which she was the subject. The verdict consisted of $2.5 million for the use of the image of her without consent and an additional $2.5 million to compensate for the emotional trauma. The judge in the case also required Jackson. Jackson to produce proof of income and value so that the jury could decide on additional punitive damages.
The verdict of $5 million came just a year following a different judge’s order for fifty to settle $17.5 million for damages in an infringement of trademarks case linked to a former partner of a headphone manufacturer. In all the two cases, he could be looking at $22.5 million in possible legal verdicts before the punitive damages were calculated within the case of the sex tape.
It was at the very least part a strategy-driven move due to the three reasons listed below:
- #1) To stop a judgment debtor (Lavonia Leviston) from having the ability to disrupt his business and impose a lien on his assets.
- #2) force the creditor to negotiate a table to reduce the judgment of $5 million.
- #3) To stop the judge in the sex tape trial from having the ability to award the plaintiff. Leviston further punitive damages.
Then he explained:
“When you’re successful, and then stuff then you’re an easy target. I don’t want to become the bullseye. I don’t want anyone to think that I’m the person they make up outrageous claims and then go through everything. I’m taking the precautions that any competent businessperson would follow in this scenario.”
The lawyer then came back with:
“The filing allows the applicant Mr. Jackson to continue his involvement in various business activities and also continue to work as an entertainer, all while he seeks to arrange a more orderly reorganization of his financial business. “
Vitamin Water Deal
50 Cent’s most innovative financial investment was made when he negotiated the purchase of a minority stake in Vitamin Water in return for being their spokesman on the spot and lending his name to”Formula 50″ drink “Formula 50” drink.
It was the Coca-Cola Company acquired Vitamin Water from Glaceau for $4.1 billion, and 50 Cent about ten times more than the money he earned by rapping. The equity stake 50 had of Vitamin Water was initially reported as 10%, meaning the company pocketed $410 million.
Investment bankers discredited the figure with knowledge of the deal, claiming that 50’s stake was closer to 2.5 percent, meaning that he earned between $100 and $150 million from the deal (before taxation). This is still a good deal!
Earnings by Year
2007: $32 million2008: $150 million
2009 20 million
2010 2008: $8 million
2011 6 million
2007: $7.5 million
2013 7 million dollars
2014 8 million
2015 4 million dollars
The 2016 budget was $6.9 million.
- $5M.
2018 4 million dollars
2019 4 million dollars
Total $ 261 Million
Effen Vodka Deal
In July 2017, the news broke that (but it was not verified) 50 Cent had traded his share of Effen Vodka for $60 million. 50 Cent made a post on Instagram to confirm the sale took place but did not confirm the number of $60 million that can be traced back to DJ Envy on The Breakfast Club radio show. Envy stated the number but didn’t provide any proof or source. It’s possible that the number originated out of 50. This is interesting to learn about and could indicate that it’s true; however, it could also seem exaggerated. We’re currently waiting on more reliable sources of confirmation; therefore, the number has not yet been incorporated into the net worth of 50 listed above.
Starz Deal
In October 2018, 50 Cent signed a four-year contract with Starz, the home of Starz, the network for his drama “Power.” The deal also includes the commitment of three series and could eventually be 150 million dollars if the goals are reached.
Personal Life
50 Cent has one son who was with his ex-girlfriend Shaniqua Tompkins. Marquise Jackson was born in October of 1996. Tompkins later filed a lawsuit against Jackson in a $50-million lawsuit; however, the lawsuit was dismissed. They have been at war on social media several times.
Fifty voted for 50 voted for President George W. Bush in 2005, after fellow rapper Kanye West had criticized the president’s slow response to the Katrina hurricane. Katrina catastrophe. Jackson later endorsed Barack Obama in 2008 and Hillary Clinton in 2016. Despite the lyrics in his many kinds of music, Jackson does not partake in alcohol or drugs.
In May 2016, while going across Cincinnati International Airport, Jackson confronted a janitor in the airport. He also ridiculed him for accusing the man of being under the influence. It turned out that the janitor had autism and was a hearing-impaired teenager. The video became viral, and the parents of that teenager’s child had a plan to bring a lawsuit against 50 Cent. They accepted 50 Cent’s donation of $200,000 to Autism Speaks and an apology.
Connecticut Mansion
in 2003 50 Cent bought a 17-acre property in Connecticut, which includes a 50,000-square-foot home with 21 bedrooms, 37 bathrooms, a gym, a nightclub, and a casino. An institution that recently removed former owner Mike Tyson purchased the house from foreclosure.
Cent bought $4.1 million to purchase the property, then invested an additional $6 million on upgrades, including the private theater, an infinity pool, and the helicopter pad.
In his bankruptcy case, we learned from lawyers in the 50s that the average house cost is approximately $72,000 per month to keep and maintain. The utilities alone cost him $18,000.
Fifty tried to get rid of the house back in 2007 at $18.5 million but was unsuccessful. He has tried to sell the home for years but without results. He cut the price to $4.995 million in September 2018, with no takers. In April 2019, he offered the house to a buyer for $2.9 million, an 84% discount from the initial offer and a $1.2 million loss compared to the price he paid for the home.
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