50 Cent Addresses Bankruptcy, Says He’s Not Broke

By Staff  |  07/14/2015

50 Cent

50 Cent made headlines on Monday (July 13), after word spread that he had filed for Chapter 11 bankruptcy.

It surprised many, especially since the hip-hop mogul was valued at $155 million by Forbes just two months ago.

However, just because he's filed, 50 says it doesn't mean he's broke.

"I'm taking the precautions that any other good businessperson would take in this situation," he said in a statement to E! Online. "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. 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 decent legal team. You don't have to worry."

There you have it folks, 50 Cent is not broke.

He even laughed off all the chatter, posting a photo on Instagram of himself in a suit standing alongside a Smartcar with the caption: "Times are hard out here LMAO."

Times are hard out here LMAO #FRIGO #SMSAUDIO

A photo posted by 50 Cent (@50cent) on