On Monday, 50 Cent announced that he was filing for bankruptcy, and the jokes and questions about why he filed and how someone could lose so much money have been rolling in, especially since Forbes estimated his wealth at $155 million. But in the world of rich people protecting their necks, I mean assets, the rapper is nowhere near a pauper.
During a recent interview with E!, the rapper, who was discussing his new role in the movie Southpaw, explained the Chapter 11 filing and said he was just taking precautions.
"You know when you're successful and stuff, you become a target. I don't wanna be a bull's-eye," he said. "I don't want anybody to pick me as the guy that they just come to with astronomical claims and go through all that."
Those claims happen to include a recent lawsuit the rapper lost after a revenge-porn video of Rick Ross' ex-girlfriend was released. During the interview, 50 Cent, who has reported assets and debts each in the range of $10 million to $50 million, cited others, like Donald Trump, who have repeatedly filed bankruptcy.
"It means you're reorganizing your finances, but it does stop things from moving forward that you don't want moving forward," he said, adding, "I got a decent legal team. You don't have to worry."
The law firm representing 50 Cent also gave insight into the filing in a statement to CNN, and said he filed "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."