The rapper reportedly has debts in the range of $10-50m (£6.5m–£32m)
50 Cent has discussed his motives for filing for bankruptcy this week.
The rapper, real name Curtis Jackson, filed for chapter 11 bankruptcy protection at the US Bankruptcy Court in Hartford, Connecticut on Monday (July 13), with assets and debts both in the range of $10-50m (£6.5m–£32m).
Now, Jackson has labelled the declaration as a “strategic business move”, vowing to continue his commercial and financial pursuits.
“They won’t see any adjustments. There’ll be the same energy. I don’t expect a lot of people to understand a strategic business move,” Jackson told Reuters whilst promoting his role in new film Southpaw.
“I’m clear on my target and I’m not going to allow myself to fall apart based on little things.”
Jackson later told E! News: “I’m taking the precautions that any other good businessperson would take in this situation.
“You know when you’re successful and stuff, you become a target. I don’t wanna be a bullseye. I don’t want anybody to pick me as the guy that they just come to with astronomical claims and go through all that.”
The declaration comes just days after Jackson was ordered to pay $5 million (£3.2 million) to the ex-girlfriend of fellow rapper Rick Ross for leaking a sex tape involving the woman.
The homemade video appeared online five years ago and features footage of Lastonia Leviston – who is the mother of one of Ross’s children – with her then-partner Maurice Murray.
The video is spliced with a clip of 50 Cent wearing a wig. In a 2010 lawsuit, Leviston said that Jackson admitted to leaking the tape in an interview in which he repeatedly referred to her as a “call girl”.
Jackson has been accused of uploading the video to taunt his hip-hop rival Ross, who he has engaged in a long-running feud with.
Jackson’s legal team said they are “disappointed in the verdict but very appreciative of the service of the jury and the court”.
Speaking of the incident, Leviston said: “This was something done to me. I didn’t have a choice. I would never, ever do this to myself”.