The Hip Hop mogul from Queens downplayed his baller lifestyle while testifying in court yesterday during a the online sex tape hearing
Curtis Jackson aka 50 Cent testified in a Manhattan courtroom yesterday that his gaudy jewelry and luxury cars are all for show.
According to 50, who was listed by Forbes Magazine as one of the top five richest Hip Hop artists with a net worth of $155 million, all of the diamonds and Ferraris are loan outs that have to be returned.
“I take all of the jewelry and cars back to the stores.”
Jackson was ordered to pay $5 million to Rick Ross‘ child’s mother, of whom Fif released an explicit sex romp with a former boyfriend. Jackson’s lawyer vehemently declares that his client is only worth $4.4 million dollars, which prompted his recent bankruptcy declaration.
When the judge asked the multi platinum recording artist about selling 38 million records, 50 replied,
“I only make 10 cents a record.”
This further reinforces the idea that Hip Hop, like all other forms of music and art, are just entertainment.
TheSource.com will bring you an update on this story as it develops.
-Sha Be Allah(@KingPenStatus)
2 Comments
Have a baby by me baby and be a dollar menunaire!
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Since Bill Clinton and the GOP deregulated media enacting Telecommunications Act of 1996 American radio and Big Radio control the airwaves, and the money doesn’t flow.
There is a great book on the history of American radio “Save The Last Dance For Satan” by Nick Tosches (115 pages) it follows the advent of rock n roll on American radio and the “black” or African American songwriters some that died BROKE while their songs were performed by someone else played on the radio. Vanity Fair did a spread on Mr. Tosches with an excerpt of the book. Black folks and suburban teens have been the targets of big dreams, fast money, big cars and cash money hip hop with that “check cumin in da mail” for years, while radio stations are preprogrammed by a company.
It’s nothing new, independent artists comprise more than 95% of the artistic musical community and they never if rarely earn income off their work.
Major labels which are basically owned now by ONE company use corporate performers to sell beats, tunes, trends often more than not lifted from independent artists and original artists to make them “hot”. Producers like Dr. Luke run Big Radio. All the money goes to “them” that’s how the economy in “our” free country works. It’s all a show and as long as your entertained who cares?