50 Cent Files For Bankruptcy

Truth rating: 10
50 Cent Bankruptcy

By Shari Weiss

50 Cent Bankruptcy

(Getty Images)

50 Cent has filed for bankruptcy, three days after being ordered to pay Rick Ross’ baby mama Lavonia Leviston $5 million for leaking her sex tape.

As Gossip Cop reported, the rapper posted the explicit footage on his website in 2010 as part of his ongoing feud with Ross. Leviston sued 50 Cent for emotional distress and invasion of privacy, claiming she suffered from depression and became suicidal after her sex tape was viewed millions of times. 50 Cent failed to get the suit to dismissed, and the trial began late last month.

On Friday, a New York jury ruled in favor of Leviston. The verdict gives her $2.5 million for each of her two complaints. But a penalty phase was set for this week, in which jurors would decide what punitive damages should be awarded.

50 Cent was expected to present a statement of his net worth, which would be used to determine the award. But on Monday he filed for bankruptcy, claiming his worth of between $10 million and $50 million is about equal to his debts. The music star is also dealing with the fallout of a $17.2 million copyright lawsuit he lost over headphones he designed.

50 Cent has not publicly commented on the Leviston case, or his bankruptcy filing. His boxing company, SMS Promotions, filed for bankruptcy earlier this year. In a statement, an attorney for the performer says, “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.” Gossip Cop will have updates.

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