50 Cent on bankruptcy: "I'm taking precautions"
Shortly after filing for bankruptcy protection, 50 Cent attended a junket, where he (not surprisingly) was asked about his financial situation.
While speaking with E! News at Monday's press junket for "Southpaw," the rapper, whose real name is Curtis Jackson III, said, "I'm taking the precautions that any other good businessperson would take in this situation," the rapper, whose real name is Curtis James Jackson III, said. "You know when you're successful and stuff, you become a target. I don't wanna be a bulls eye. I don't want anybody to pick me as the guy that they just come to with astronomical claims and go through all that."
He then went on to list other major names in the entertainment industry who have also had money issues.
"Walt Disney has filed bankruptcy. Donald Trump has filed bankruptcy," 50 Cent said. "It means you're reorganizing your finances, but it does stop things from moving forward that you don't want moving forward."
The "In Da Club" singer is seeking Chapter 11 protection in U.S. Bankruptcy Court in Connecticut on liabilities worth between $10 million and $50 million, according to documents obtained by CBS News.
The move came just three days after a jury directed 50 Cent to pay $5 million to a woman who sued over a sex tape. The woman said he acquired a video she made with her boyfriend and added himself as a commentator before posting it online without her permission.
50 Cent took to Instagram with a reference to the bankruptcy move. He posed in front of a smart car and captioned it: "Times are hard out here LMAO #EFFENVODKA #FRIGO #SMSAUDIO"
50 Cent came on the scene in 2003 with "Get Rich or Die Tryin,'" which featured the hit "In Da Club." Over the years, he's been involved in various business ventures, including G-Unit records, and two production companies. He's also invested in the mining and precious-metals industries and in the water drinks business.
The 40-year-old star will next be seen in the boxing movie, "Southpaw," which opens July 24 and co-stars Rachel McAdams, Naomie Harris, Forest Whitaker and Jake Gyllenhaal.