In 2014, Forbes, the rich man's Bible, told us that Curtis James Jackson, known as 50 Cent the rap artist, was the fifth-richest figure in American hip-hop, with an estimated net worth of $140-million (about R1.7-billion).
This after a number of investments in various areas of the economy - music, fashion, boxing promotion, beverages, condoms ...
But the one investment that stood out was when he bought a minority stake in Glaceau Vitaminwater, which when it was bought by Coca-Cola for $4.1-billion (R50.6-billion), earned 50 Cent $100-million (R1.2-billion) - after taxes.
You look confused, dear reader. So many figures being bandied about! I don't blame you.
But what I'm driving at is that it should come not only as a disappointment but a rude shock that a person with so much money has suddenly filed for bankruptcy.
Yes, this is the man who last August told the world that he would donate $750000 (R9.2-million) to charity if boxer Floyd Mayweather would read one full page from a Harry Potter book out loud "without stopping or starting or f***ing up". Mayweather, who clearly confirmed in the minds of many that he was illiterate, did not take him up on the offer.
Being the musical purist that I am, I don't listen to his kind of stuff. However, I have always admired him for his business acumen and his attention to detail.
As a result, I have watched his movies - especially the autobiographical Get Rich or Die Tryin', and read his life story many times - simply because it is inspirational.
Like I said in my piece on Bill Cosby last week, we can learn from celebrities, but not look up to them as role models. I thought I could, as an artist of sorts myself, learn how an artist marries his craft with business. A quick glance at the man's life story shows that he grew up in Queens, New York, into a struggling family.
As a youth, he fell for allure of the streets and started selling drugs at the age of 12. Selling drugs is seen by many in the US black community as one of the ways "out of the ghetto" - although in many cases it simply entrenches them on the streets, and hardens them. But, even after he'd stopped selling drugs, 50 Cent was still part of hood politics.
It came as no surprise, then, that he took nine bullets in 2000 - but lived to tell the tale.
Two years later, already a budding rapper, he was discovered by Eminem who led him to Dr Dre, who produced his first major label album Get Rich or Die Tryin'. This was followed by a movie of the same name. It mirrors his life of hustling - and getting super-rich, bragging about it and "dissing" those of his interlocutors and foes who were not as rich as he is.
This "my dick is bigger than yours" and :my pockets are deeper than yours" is what, when you think of it, might have been his undoing. As a successful rapper, he was exploiting the misfortune of others to enrich himself. He made abusive songs and posted online footage that took advantage of former friends.
But Lastonia Leviston, rapper Rick Ross's ex-girlfriend and baby mama, was not taking it lying down.
In 2010 Leviston filed a lawsuit against 50 Cent who, having obtained a tape showing her having sex, proceeded to broadcast it online, with running commentary.
The lawsuit accused him of posting the 13-minute sex tape on his website in 2009 as part of a "rap war" between himself and Rick Ross. Last week, jurors at a New York state court said he should pay $5-million (R62-million) to Leviston.
He had violated her privacy by posting a sex tape of her online.
On Monday, the same day he was supposed to appear in court to determine whether he owes punitive damages against Leviston, 50 Cent filed for bankruptcy.
In the petition, 50 Cent said his assets and debts, which were not itemised, were worth between $10-million and $50-million (between R124-million and R618-million). It was a story that took the world of entertainment and business by surprise.
The blogosphere was awash with stories and jokes - almost all of them exhibiting schadenfreude at the "downfall" of the reigning king of hip-hop. But how real is this "downfall?" It's simple, really.
This filing for personal bankruptcy protection permits 50 Cent to continue his involvement with various business interests and continue his work as an entertainer, while he pursues an orderly reorganisation of his financial affairs - without the likes of Leviston having access to his money.
In other words, he is using it to avoid paying $5-million - or any other lawsuits that his detractors might be contemplating.
The hip-hop thug has wised up to the ways of the thugs that we refer to as "Captains of Industry". He's played the law, and confused a lot of people who seriously think he is going to the poor house. The man is having the last laugh.
lComments: fredkhumalo@post. harvard.edu
50 Cent plays the law to keep his cash - Hip-hop thug matches corporate thuggery
In 2014, Forbes, the rich man's Bible, told us that Curtis James Jackson, known as 50 Cent the rap artist, was the fifth-richest figure in American hip-hop, with an estimated net worth of $140-million (about R1.7-billion).
This after a number of investments in various areas of the economy - music, fashion, boxing promotion, beverages, condoms ...
But the one investment that stood out was when he bought a minority stake in Glaceau Vitaminwater, which when it was bought by Coca-Cola for $4.1-billion (R50.6-billion), earned 50 Cent $100-million (R1.2-billion) - after taxes.
You look confused, dear reader. So many figures being bandied about! I don't blame you.
But what I'm driving at is that it should come not only as a disappointment but a rude shock that a person with so much money has suddenly filed for bankruptcy.
Yes, this is the man who last August told the world that he would donate $750000 (R9.2-million) to charity if boxer Floyd Mayweather would read one full page from a Harry Potter book out loud "without stopping or starting or f***ing up". Mayweather, who clearly confirmed in the minds of many that he was illiterate, did not take him up on the offer.
Being the musical purist that I am, I don't listen to his kind of stuff. However, I have always admired him for his business acumen and his attention to detail.
As a result, I have watched his movies - especially the autobiographical Get Rich or Die Tryin', and read his life story many times - simply because it is inspirational.
Like I said in my piece on Bill Cosby last week, we can learn from celebrities, but not look up to them as role models. I thought I could, as an artist of sorts myself, learn how an artist marries his craft with business. A quick glance at the man's life story shows that he grew up in Queens, New York, into a struggling family.
As a youth, he fell for allure of the streets and started selling drugs at the age of 12. Selling drugs is seen by many in the US black community as one of the ways "out of the ghetto" - although in many cases it simply entrenches them on the streets, and hardens them. But, even after he'd stopped selling drugs, 50 Cent was still part of hood politics.
It came as no surprise, then, that he took nine bullets in 2000 - but lived to tell the tale.
Two years later, already a budding rapper, he was discovered by Eminem who led him to Dr Dre, who produced his first major label album Get Rich or Die Tryin'. This was followed by a movie of the same name. It mirrors his life of hustling - and getting super-rich, bragging about it and "dissing" those of his interlocutors and foes who were not as rich as he is.
This "my dick is bigger than yours" and :my pockets are deeper than yours" is what, when you think of it, might have been his undoing. As a successful rapper, he was exploiting the misfortune of others to enrich himself. He made abusive songs and posted online footage that took advantage of former friends.
But Lastonia Leviston, rapper Rick Ross's ex-girlfriend and baby mama, was not taking it lying down.
In 2010 Leviston filed a lawsuit against 50 Cent who, having obtained a tape showing her having sex, proceeded to broadcast it online, with running commentary.
The lawsuit accused him of posting the 13-minute sex tape on his website in 2009 as part of a "rap war" between himself and Rick Ross. Last week, jurors at a New York state court said he should pay $5-million (R62-million) to Leviston.
He had violated her privacy by posting a sex tape of her online.
On Monday, the same day he was supposed to appear in court to determine whether he owes punitive damages against Leviston, 50 Cent filed for bankruptcy.
In the petition, 50 Cent said his assets and debts, which were not itemised, were worth between $10-million and $50-million (between R124-million and R618-million). It was a story that took the world of entertainment and business by surprise.
The blogosphere was awash with stories and jokes - almost all of them exhibiting schadenfreude at the "downfall" of the reigning king of hip-hop. But how real is this "downfall?" It's simple, really.
This filing for personal bankruptcy protection permits 50 Cent to continue his involvement with various business interests and continue his work as an entertainer, while he pursues an orderly reorganisation of his financial affairs - without the likes of Leviston having access to his money.
In other words, he is using it to avoid paying $5-million - or any other lawsuits that his detractors might be contemplating.
The hip-hop thug has wised up to the ways of the thugs that we refer to as "Captains of Industry". He's played the law, and confused a lot of people who seriously think he is going to the poor house. The man is having the last laugh.
lComments: fredkhumalo@post. harvard.edu
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