From riches to rags and maybe back again, 50 Cent is making a comeback in the US legal system.
Many of you may remember how back in July, 50 Cent made headlines when he filed for bankruptcy. That happened just after he was ordered to pay millions for releasing a sex tape of Rick Ross’ ex girlfriend (obviously).
Turns out there’s another twist in the #rapperlife bankruptcy saga. Back in 2010, 50 Cent entered into a venture with an audio company, Sleek Audio, to try and create his own version of the super lucrative Beats by Dre headphones. The venture with Sleek went a little pear shaped so 50 Cent created his own company, SMS Audio, and launched the headphones himself. Sleek was totes unimpressed and sued Mr Cent (aka Curtis Jackson) for stealing trade secrets and effectively copying its design of the headphones. Sleek was successful and was awarded $US15 million in damages and legal fees.
Following his own mantra of “get rich or die tryin’”, 50 cent is now suing the lawyers that represented him in the Sleek deal and the legal proceedings, alleging that they failed to advise and act properly from the 2010 venture, right up to and including the law suit in 2013. 50 Cent is claiming $US75 million in damages and we hope that he wins, if only for the possibility that he will rebrand as 7.5 billion cents.
The whole tale seems to be a serious fall from grace for Mr G-Unit, who was reportedly worth almost half a billion dollars in 2007 when he sold his stake in Vitamin Water to Coca Cola. Let’s be fair though, we always knew Nelly was the real star of the naughties.