Rapper 50 Cent's (real name: Curtis Jackson) finances have been the focus of much scrutiny recently. After filing for chapter 11 bankruptcy last week, the 40 year old rap star took the stand at the Manhattan Supreme Court and said he is not as rich as his high rolling antics makes it seem.
"Its entertainment," said Jackson when asked of the extravagant and excessive lifestyle he depicts in his music videos and social media accounts. His brash and swaggering lyrics are often accompanied by images of fast cars, exclusive night clubs, and glitzy jewellery, but he admits all of that was a carefully maintained illusion. He told the court house:
"Those cars were rented. It's like music videos, they say action and you see all these fancy cars but everything goes back to the dealership."
Last May, Forbes Magazine pegged Jackson as the 4th wealthiest Hip-Hop artist in the world. His personal fortune of $155M only trailed that of big time moguls like Sean 'Diddy' Combs, Dr. Dre, and Jay-Z. But Jackson says his net worth exceeds no more than $4.4 million and claims that he is $28 million in debt.
Many experts are doubting 50 Cent's sudden cries of poverty, saying that the timing of these revelations lines up perfectly with his other legal troubles.
Earlier this month, Jackson was ordered by the court to pay $5 million to a woman by the name of Lastonia Levinston, who has a child with Rick Ross, one of Jackson's hip-hop rivals. Jackson allegedly leaked a sex tape of Levinston in 2009, which is why he's being asked to pay up now.
His bankruptcy filing is seen as a strategic play aimed at delaying any payment toward Levinston and her camp
