50 Cent, who has been one of the most successful businessmen in the music industry for years, has filed for chapter 11 bankruptcy protection, according to court documents obtained by Wall Street Journal. In the documents, 50 reported that his current assets and debts were in the vicinity of $10 million to $50 million in total. Over the weekend, 50 was ordered by a judge to pay $5 million in a leaked sex tape lawsuit, after the mother of Rick Ross‘ child sued 50 for leaking her sex tape when the two rappers were beefing years back.
50 Cent has a daring hip hop persona, but his approach to investing is decidedly different. The rapper born Curtis Jackson has backed close to a dozen fledgling startups in the past decade, including beverage brand Vitamin water, livestreaming app Hang w/and, most recently, men’s undergarment line FRIGO. His due diligence helps him navigate the risks associated with budding companies.