After filing for chapter 11 bankruptcy Monday morning, 50 Cent addressed the issue for the first time later that day, calling it a business move to reorganize his finances.
“I’m taking the precautions that any other good businessperson would take in this situation,” the rapper-actor-mogul, real name Curtis Jackson, told E! News at his Southpaw junket. “You know 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.”
On Friday, a jury ordered 50 Cent to pay $5 million to Lastonia Leviston for leaking a sex tape amidst a beef with Rick Ross, with whom Leviston has a daughter.
The filing comes close to two months after 50 Cent’s boxing promotions company, SMS Promotions, filed for “relief under chapter 11 of the Bankruptcy code.”
“Walt Disney has filed bankruptcy. Donald Trump has filed bankruptcy,” 50 Cent continued to E! News. “It means you’re reorganizing your finances, but it does stop things from moving forward that you don’t want moving forward.”
He added, “I gotta decent legal team. You don’t have to worry.”
According to court documents, 50 Cent’s “debts are primarily consumer debts.” He reported assets and liabilities ranging from $10-$50 million.
The chapter 11 filing allows him to reorganize his business interests, as opposed to a chapter 7 bankruptcy filing, which would mean liquidation of his assets.
This article originally appeared on Billboard
More from Billboard:
- 50 Cent Files for Bankruptcy
- 50 Cent ‘Will Continue With Business Interests’ Despite Bankruptcy Filing
- Summer Music Festivals Photo Roundup
- Donald Trump Was Just Indicted. Here's What to Know About the Charges and the Case
- What Could Happen Next for Donald Trump
- Trump's Indictment Drama Showcased His Rivals' Weakness
- Inside Ukraine's Push to Try Putin For War Crimes
- Bad Bunny's Next Move
- Elon Musk Signs Open Letter Urging AI Labs to Pump the Brakes
- Eliezer Yudkowsky: Pausing AI Developments Isn't Enough. We Need to Shut it All Down
- 'How Is This Still Happening?' A Survivor Questions America's Gun Violence Problem
- Cheryl Strayed Will Always Be Here for You
- Who Should Be on the 2023 TIME100? Vote Now