50 Cent speaks: 'I'm taking precautions'
Rapper, actor and entrepreneur 50 Cent -- aka Curtis Jackson III -- sent the pop culture world (and Twitter) into a tizzy Monday when news of his Chapter 11 bankruptcy filing was revealed.
But, he's not too proud to talk about it. During a press junket to promote his new film Southpaw, he told E! News exclusively that he's simply protecting his financial future.
"I'm taking the precautions that any other good businessperson would take in this situation. 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."
The "astronomical claim" that apparently forced his hand was a lawsuit filed by a woman whose sex tape Jackson obtained and leaked. Over the weekend, a jury decided that he must pay the woman $5 million.
Jackson, who boasts his extravagant lifestyle on social media, told E! he's fine, adding that he's in good fiscal company.
"Walt Disney has filed bankruptcy. Donald Trump has filed bankruptcy. It means you're reorganizing your finances, but it does stop things from moving forward that you don't want moving forward. I gotta descent (sic) legal team. You don't have to worry."
Earlier this year, Forbes listed Jackson as the fourth richest rapper with an estimated fortune of $155 million. However, in his bankruptcy filing, Jackson listed both his assets and debts in the $10 million to $50 million range.
In a statement to Paste BN, Jackson's attorney William A. Brewer III said, "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."