50 cents net worth
Number of divisions: 25
What is the net worth of 50 Cent?
50 Cent is an American rapper, producer, actor and entrepreneur. At the time of writing, 50 Cent has a net worth of $40 million. In his career so far, 50 Cent has earned at least $260 million from his various efforts, especially sales of records, touring performances, and several brand cooperation deals. Unfortunately, he was also profligate (especially in real estate, automobiles, and litigation), which led him to apply for Chapter 11 bankruptcy protection in July 2015. The application will be described in detail later in this article. At its peak before bankruptcy, 50 Cent’s wealth was as high as $100 million.
early life
50 Cent was born on July 6, 1975 in Queens, New York City, formerly known as Curtis James Jackson III. He was raised in the South Jamaican community by his mother Sabrina, a drug dealer. She died when Jackson was eight years old. 50 Cent was then raised by his grandmother. At the age of 12, he started drug trafficking after school. In 10th grade, he was caught by a metal detector trying to bring gun and drug money in high school and was arrested. In 1994, he was arrested again for selling cocaine to an undercover police officer, and was arrested again when the police found heroin, crack cocaine and a pistol when the police searched his home. He served in the boot camp for six months and received a GED.
Early career and shooting
Jackson released the controversial underground rap single “How To Rob” and became famous in one fell swoop. In May 2000, when he was shot dead and hospitalized, he was preparing to release the single “Thug Love” with the Son of Destiny. He was attacked by gunmen outside his grandmother’s house in Queens. An assailant (allegedly the assailant Darryl Baum, who was Mike Tyson’s bodyguard) fired nine shots, hitting 50 cents in his hands, arms, hips, legs, chest and left cheek. Three weeks later, the attacker was killed. 50 Cent stayed in the hospital for 13 days. During his hospital stay, he signed a publishing agreement with Columbia Records. However, when he tried to publish the song “Ghetto Qu’ran”, he was abandoned by Colombia. He was also blacklisted by the entire US recording industry, so he went to Canada to record songs for the mixtape to build his popularity. In 2002, he released the mixtape “Guess Who Is Back?”.
Rise to fame
Jackson was discovered by Eminem in 2002. Eminem said to “Guess Who Is Back?” “deep impression. He invited Jackson to Los Angeles to meet with Dr. Dre. 50 Cent signed a $1 million recording contract and released “No Mercy, No Fear”. Eminem’s movie “8 Mile” has a 50 Cent song in the soundtrack. In 2003, 50 Cent became popular with his debut album “Get Rich or Die Trying”. It ranked first on the bulletin board rankings for the first time and sold nearly 1 million copies in the first four days. In just one week, the lead single “In Da Club” set the record for the most listened song in radio history. Soon after, Interscope gave 50 of its own label, G-Unit Records. Jackson released his next album “The Holocaust” in March 2005. This is another great success. It sold 1.14 million copies in the first four days and has been ranked first on the Billboard rankings for six consecutive weeks. His third album came out in 2007, and “Curtis” ranked second on the Billboard 200 chart. The fourth album “Before I Self Destruct” was released in November 2009. Disagreements with the record company delayed his fifth album, “Street Fighter Immortal”, until November 2012. To date, his studio albums have sold more than 21 million copies.
Brad Buckett/Getty Images
Other pursuits
Under his relatively short spotlight, 50 Cent founded the label G-Unit Records, founded the G-Unit clothing company, and even starred in many legendary movies, such as Al Pacino and Robert De NiroHe founded The Money Team, a boxing promotion company in 2012.
Bankruptcy application
On July 13, 2015, the Wall Street Journal reported that 50 Cent had filed for Chapter 11 personal bankruptcy protection. The bankruptcy was filed in the U.S. Bankruptcy Court in Hartford, Connecticut, because 50 is a resident of Connecticut.
At the time of filing, 50 lived in Mike Tyson’s old house at 50 Poplar Hill Dr, Farmington, CT 06032. In the file, 50 Cent reported asset values between US$10 million and US$50 million. He claimed to have equal debts.
The document came after a jury ordered 50 people to pay Rick Ross’ ex-girlfriend Lavonia Leviston $5 million because she deliberately released her sex tape. The verdict included US$2.5 million and another US$2.5 million in emotional distress caused by unauthorized use of her image. The judge in the case also ordered Mr. Jackson to produce proof of income and worth so that the jury can determine further punitive damages.
About a year ago, another judge ordered 50 people to pay $17.5 million in damages as part of a trademark infringement case related to a former partner of a headset company, and subsequently rendered a $5 million judgment. After the merger, before calculating punitive damages in the sex video case, he is considering a potential legal sentence of $22.5 million.
Applying for bankruptcy protection is at least to a certain extent a strategic move for the following three reasons:
- #1) Prevent the judgment creditor (Lavonia Leviston) from disrupting its business operations and placing a lien on its assets.
- #2) Forcing creditors to enter the negotiating table to reduce the $5 million verdict.
- #3) The jury in the videotape prevention case can award Ms. Leviston further punitive damages.
He later explained:
“When you succeed, you will become the goal. I don’t want to be a bullseye. I don’t want anyone to choose me as someone who just made astronomical demands and experienced all of this. I am taking preventive measures, which any good business person would take in this situation.“
His lawyer went on to say:
“The document allows Mr. Jackson to continue to participate in various commercial interests and continue his work as an artist, while he seeks to orderly reorganize his financial affairs.”
Vitamin water discount
50 Cent’s most brilliant financial investment came from his negotiating a minority stake in Vitamin Water in exchange for being their celebrity spokesperson and giving his name to the “Formula 50” drink. The Coca-Cola Company purchased Vitamin Water from Glaceau for US$4.1 billion and earned 50 cents, which is about 10 times his rap income. According to reports, 50’s equity in Vitamin Water was initially 10%, which means he has $410 million in his pocket. This figure was widely denied by investment bankers familiar with the transaction, and they implied that 50 of the shares were close to 2.5%, which meant that he made $10-150 million (before tax) from the sale. not bad!
Annual income
2007: US$32 million
2008: US$150 million
2009: USD 20 million
2010: USD 8 million
2011: USD 6 million
2012: USD 7 million
2013: USD 7 million
2014: USD 8 million
2015: USD 4 million
2016: USD 6 million
2017: USD 5 million
2018: US$4 million
2019: US$4 million
Total: 261 million US dollars
Affin Vodka Sale
In July 2017, it was reported (but unconfirmed) that 50 sold his minority stake in Effen Vodka for $60 million. 50 Cent confirmed the transaction on Instagram, but did not actually confirm the $60 million figure, which can be traced back to DJ Envy on the breakfast club radio show. Envy reported this number, but did not provide any source or verification. This number may come from 50, knowing that it is really interesting, may mean it is real, but it may also be an exaggeration. We are currently waiting for more official verification sources, so this number has not yet been included in the net worth of the 50 people listed above.
Starlight Sale
In October 2018, 50 Cent and Starz signed a four-year overall agreement, Starz is the cable station of his TV series “Power”. If all milestones are achieved, the transaction includes three series of commitments, ultimately valued at US$150 million.
personal life
50 Cent has a son with his ex-girlfriend Shaniqua Tompkins. Marquise Jackson was born in October 1996. Tompkins later sued Jackson for $50 million, but the lawsuit was dismissed. The two quarreled on social media many times.
In 2005, after fellow rapper Kanye West criticized the president for his slow response to the Katrina disaster, 50 people supported President George W. Bush. Jackson later supported Barack Obama in 2008 and Hillary Clinton in 2016. Although there are lyrics in many of his songs, Jackson does not take drugs or alcohol.
In May 2016, after passing through the Cincinnati International Airport, Jackson harassed a janitor at the airport and insulted him when accusing the janitor of being affected. It turns out that the janitor is a teenager with autism and hearing impairment. This video went viral on the Internet, and the teenager’s parents wanted to sue 50 Cent. They settled by donating $100,000 to Autism Speaks with 50 Cent and apologizing.
real estate
In 2003, 50 Cent purchased a 17-acre property in Connecticut. The property occupies 50,000 square feet, with 37 bathrooms, 21 bedrooms, a gym, a casino, and a nightclub. He bought the house through foreclosure from a bank that recently evoked former homeowner Mike Tyson. 50 Cent paid US$4.1 million for the property and then another US$6 million for various upgrades, including the addition of a private cinema, infinity pool and helipad.
During his bankruptcy proceedings, we learned from lawyers in the 1950s that the maintenance and financing costs of this house are usually about $72,000 per month. His utilities alone cost $18,000.
50 The first attempt was made to sell the house for US$18.5 million in 2007, but was unsuccessful. Since then, he has been trying to sell the house, but still unsuccessful. He lowered the price all the way to $4.995 million in September 2018, again without any buyers. At the time of writing, he still owns the property.
