50 Cent is best known for his top albums, Get Rich or Die Trying and The Massacre. He has also had a successful career as an actor with parts in movies like “The Pursuit of Happiness” starring Will Smith. 50’s net worth currently sits at $30 million but he hasn’t always been on the up-and-up. In 2015 50 filed bankruptcy because it became too much to maintain such lavish spending habits while maintaining success simultaneously.
A great rapper from Queensbridge who grew up admiring Tupac Shakur, Curtis Jackson was once named by Forbes magazine one of hip hop’s wealthiest stars and earned over 100 times more than your average American household before filing for Chapter 11 Bankruptcy protection that same year due to poor financial
Early Life of 50 Cent
50 Cent was born in Queens, New York City on July 6th. As a child he grew up around drugs and violence – his mother Sabrina dealt with them, as did many others within their community.
When Jackson’s mom died when he was just 8 years old, it left him to be raised by his grandmother who introduced him into the world of hustling at age 12 after school where they would sell weed and guns throughout Manhattan.
He didn’t stop there, however; soon enough 50 had developed an affinity for a crack which only enhanced these activities even more heavily because now you could buy whatever you wanted out of this drug that came from all over town-from Harlem to Brooklyn or Flatbush Avenue in East Flatbush too.
In 1994, an undercover police officer bought drugs from 50 Cent. This earned him six months in a boot camp and his GED. He was arrested again when the cops searched his home but they only found heroin and some crack cocaine- no weapons were recovered during this search.
Early Career and Shooting
Jackson’s popularity skyrocketed when he released a controversial underground rap single, How To Rob. In May 2000, Jackson was geared up to release Thug Love with Destiny’s Child and then became the victim of an attack outside his grandmother’s home in Queens. An assailant (alleged attacker Darryl Baum) fired nine shots.
50 cents being shot in hand-arm hip both legs chest left cheek before fleeing on foot; it is believed that they were targeting him for speaking out against Mike Tyson during their boxing match.
50 Cent was in the hospital for 13 days after he survived being shot 9 times. While there, 50 signed a publishing deal with Columbia Records and tried to publish his controversial song Ghetto Qu’ran but they dropped him when it didn’t work out like planned.
He also became blacklisted by the United States recording industry as a whole so he went up north (to Canada) where people were more open-minded about what kind of music could be played on mainstream radio stations.
In 2002, little did anyone know that this artist who had been through hell would release one of his most well-known albums Guess Who’s Back? Mixtapes are now considered just as popular if not even more prestigious than album releases due to their limited availability and exclusive.
Rise to Fame
50 Cent was discovered by Eminem in 2002. His debut album Get Rich or Die Trying debuted at No. 1 and sold almost a million copies within just one week of release, setting records for the most-listened-to song on radio history with its lead single “In Da Club”.
After an initial and successful partnership with Dr.Dre and Eminem, 50 Cent was given the opportunity to start his own label G-Unit Records by Interscope in 2003 just shortly after The Massacre album release which sold 1 million copies on its first day of sale alone.
Constant success followed as he released 2 more albums Curtis (2007) and Before I Self Destruct Nov 2009 both debuting at No2 on Billboard 200 respectively before going Platinum or above thanks largely to strong sales from singles such as “Candy Shop”, “Ayo Technology” & “P.I.M P”.
50 cent is a rapper/entrepreneur who had phenomenal commercial successes when releasing 3 consecutive platinum-selling albums – including two consecutive number one chart
Disagreements with his record label delayed his fifth album, Street King Immortal, until November 2012. To date, his studio albums have sold over 21 million units.
Other pursuits
In his relatively brief career, 50 Cent has founded the record label G-Unit Records, launched the G-Unit clothing line, and even acted in several films alongside legends such as Al Pacino and Robert Deniro. In 2012, he founded The Money Team, a boxing promotion company.
Bankruptcy Filing
The Wall Street Journal reported on July 13, 2015, that 50 Cent had filed for Chapter 11 personal bankruptcy protection. The bankruptcy was filed in the United States Bankruptcy Court in Hartford, Connecticut because 50 is a Connecticut resident.
50 was living in Mike Tyson’s old mansion at 50 Poplar Hill Dr, Farmington, CT 06032 at the time of the filing. According to the filing, 50 Cent’s assets are worth between $10 million and $50 million. He claimed to have debts totaling the same amount.
The filing came just days after a jury awarded a $5 million judgment to Rick Ross’s ex-girlfriend Lavonia Leviston for intentionally releasing a sex tape in which she appeared. The judgment included $2.5 million for unauthorized use of her image and another $2.5 million for emotional distress.
In that case, the judge also ordered Mr. Jackson to produce proof of income and worth so that the jury could determine additional punitive damages.
The $5 million judgment came about a year after a different judge ordered 50 to pay $17.5 million in damages in a trademark infringement case involving a former headphone company partner.
When combined, he was looking at $22.5 million in potential legal judgments before punitive damages were calculated in the sex tape case.
The bankruptcy filing was at least partially a strategic move for the three following reasons:
#1) To prevent the judgment creditor (Lavonia Leviston) from being able to disrupt his business operations and place liens on his assets.
#2) To force the creditor to the negotiating table to bring the $5 million judgment down.
#3) To prevent the jury in the sex tape case from being able to award Ms. Leviston further punitive damages.
He would later explain:
“When you’re successful and stuff, you become a target. I don’t wanna be a bullseye. I don’t want anybody to pick me as the guy that they just come to with astronomical claims and go through all that. I’m taking precautions that any good businessperson would take in this situation.”
And his lawyer followed up with:
“The filing 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 Vitamin Water Deal
50 Cent’s most brilliant financial investment came when he negotiated a minority stake in Vitamin Water in return for being their celebrity spokesman and lending his name for the “Formula 50” drink.
The Coca-Cola Company acquired Vitamin Water from Glaceau for $4.1 billion and made 50 Cent roughly ten times more money than he had ever made rapping.
50’s equity stake in Vitamin Water was initially reported to be 10% which would have meant $410 million in his pockets. This number was widely dismissed by investment bankers familiar with the deal who intimated that 50’s stake was closer to 2.5% which means he made $100-$150 million off the sale (before taxes). Still not bad!
Earnings By Year
2007: $32 million
2008: $150 million
2009: $20 million
2010: $8 million
2011: $6 million
2012: $7 million
2013: $7 million
2014: $8 million
2015: $4 million
2016: $6 million
2017: $5 million
2018: $4 million
2019: $4 million
Total: $261 million
50 Cent’s Effen Vodka Deal
In July 2017, it was reported (but not confirmed) that 50 had sold his minority stake in Effen Vodka for $60 million. 50 Cent took to instagram to confirm that the deal happened, but did not actually confirm the $60 million number which can be traced back to DJ Envy on The Breakfast Club radio show. Envy reported the number, but did not provide any source or verification. It’s possible the number came from 50, which would be really interesting to know and may mean it’s real, but it also might be an exaggeration. We are currently waiting for more official sources of verification and therefore the number is not yet factored into 50’s net worth listed above.
Personal Life
50 Cent has a son with former girlfriend Shaniqua Tompkins. Marquise Jackson was born in October 1996. Tompkins later sued Jackson for $50 million, but the suit was dismissed. The two have feuded over social media many times.
50 supported President George W. Bush in 2005 after fellow rapper Kanye West criticized the president for a slow response to the Hurricane Katrina disaster. Jackson later supported Barack Obama in 2008 and Hillary Clinton in 2016. Despite the lyrics found in many of his songs, Jackson does not partake in drugs or alcohol.
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In May 2016, after walking through Cincinnati International Airport, Jackson harassed a janitor at the airport and insulted him when he accused the janitor of being under the influence. As it turned out, the janitor was an autistic and hearing impaired teenager. The video went viral and the parents of the teenager wanted to sue 50 Cent. They settled for 50 Cent’s donation of $100,000 to Autism Speaks and an apology.
50 Cent’s Real Estate
In 2003 50 Cent bought a 17-acre property in Connecticut that features a 50,000 square-foot residence with 37 bathrooms, 21 bedrooms, a gym, a casino and a nightclub. He bought the house out of foreclosure from a bank that had recently evicted the previous owner, Mike Tyson. 50 Cent paid $4.1 million for the property then spent an additional $6 million on various upgrades including adding a private movie theater, infinity pool AND a helicopter pad.
During his bankruptcy proceedings, we learned from 50’s lawyers that the house typically costs around $72,000 per month to maintain and finance. His utilities alone cost $18,000.
50 first attempted to offload the home in 2007 for $18.5 million without success. He has been trying to sell the house ever since, still without success. He lowered the price all the way down to $4.995 million in September 2018, again without any takers. As of this writing he still owns the property.