50 Cent Testifies He’s Worth Less Than $5 Million, Exaggerates Wealth For Show
50 Cent testified in a New York City court that he’s broke, and his social media pictures flaunting expensive jewelry and exotic cars are all for show. The rapper appeared at the Manhattan Supreme Court on Tuesday, and told a jury that he’s only worth $4.4 million. His lawyer claims it’s actually even less.
As Gossip Cop reported, 50 Cent filed Chapter 11 bankruptcy earlier this month, a few days after he was ordered to pay Rick Ross’ baby mama, Lastonia Levinston, $5 million for leaking her sex tape back in 2010. The star’s attorney tried to get the penalty phase, in which the jury would award Levinston additional damages, postponed in light of his filing, but the judge ordered the case to move ahead anyway. Now the jurors are to decide punitive damages based on his worth.
In May Forbes magazine ran an article saying 50 Cent was worth an estimated $155 million, but the rapper said in court that he had no idea where the publication got that figure. According to 50 Cent, he only owns three cars and four jewelry chains, and a majority of the expensive items he shows off on Instagram and Twitter are rented. “I take the jewelry and the cars back to the stores,” he testified.
When the rapper was asked about a Rolls Royce he said he bought “on a whim” during July Fourth weekend, 50 Cent told the court he had to trade in two of his cars, including a Lamborghini, in order to purchase it. He was also asked about an Instagram photo in which he’s seen wearing a supposed 65-carat pinkie ring. In response, the actor said, “65 carats? I don’t think that’s even possible.”
50 Cent also claimed he doesn’t make that much money from his movie roles and albums, claiming to the jury he earns “10 cents a record,” and only brought in $100,000 each for his most recent films, Spy and Southpaw. The rapper also said he earned $150,000 for each of the first two seasons of his TV show, “Power.”
The musician did admit to signing lucrative deals with Reebok and others, but at the same time alleged that he doesn’t know the specifics of those agreements. When asked if he earned an estimated $100 million for a deal with Vitamin Water, 50 Cent said he “signed a non-disclosure disagreement” and “can’t mention the dollar amounts.”
And while 50 Cent did interviews recently trying to downplay his bankruptcy filing, claiming to media oulets that he wasn’t broke but simply reorganizing his finances so others wouldn’t take advantage of him, he now testified that the move hurt his brand because he’s “not as cool as I was last week.” As Gossip Cop reported, the filing had said 50 Cent was worth between $10 and $50 million but had debts of the same amount. TELL US: What do you think of 50 Cent’s court admissions?