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US rapper and businessman 50 Cent files for bankruptcy

  • American Grammy-award winning rapper Curtis James Jackson III, better known as 50 Cent, has filed for bankruptcy, reports say.

    The 40-year-old star musician and businessman said in court papers that his assets and debts were in the range of $10m - $50m. This comes after a jury ordered him to pay $5 million in a sex tape case.

    50 Cent’s business interests include boxing, drinks, and clothes.

    According to Chapter 11 of bankruptcy, companies are given time to re-organize finances and get protection from the demands of creditors.

    Tagged as: Grammy-award, rapper, Curtis James Jackson III, 50 Cent, bankruptcy, musician, businessman, court papers, sex tape case, entertainment news