SMS Audio founder 50 Cent files for bankruptcy

Rapper and businessman reported both assets and debts in the range of $10 million to $50 million each
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Rapper, actor and businessman Curtis Jackson (better known by his stage name 50 Cent) has filed for chapter 11 bankruptcy protection, according to reports.

Why is this being written by PCR? Well, 50 Cent founded headset vendor SMS Audio back in 2011, and later acquired Kono Audio.

He founded G-Unit Records, G-Unit Films and has invested in several businesses over the years, including clothing lines, mining businesses and others he has invested in on the stock market. 

It's reported a portion of his investments lost value during the 2008 recession - and earlier this year his boxing promotions firm filed for bankruptcy.

In court papers filed in the US Bankruptcy Court in Hartford, 50 Cent reported assets and debts each in the range of $10 million to $50 million, reports the Wall Street Journal.

The filing was made after a jury ordered 50 Cent to pay $5 million to a woman over a sex tape, reports the Associated Press

50 Cent was ordered to pay the woman for apparently acquiring a video of her and her boyfriend, adding commentary to it before reposting it online without her permission.

Of course, 50 Cent filing for bankruptcy doesn't mean he'll be out of money for good - after all, he was the fifth-richest figure in American hip hop in 2014, with an estimated net worth of $140 million. It means his current assets (which would include his music label, investments and businesses) can be sold to pay off his debts.

This means it's likely SMS Audio could be sold to a new owner.

PCR has reached out to SMS Audio and Eurosimm, the exclusive distributor of the 50 Cent branded range of SMS Audio headphones, to find out if this will affect their business in any way.

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