Curtis Jackson, better known as rapper 50 Cent, filed for Chapter 11 bankruptcy protection on Monday.
"In court papers filed in the US Bankruptcy Court in Hartford, Conn., Mr. Jackson reported assets and debts each in the range of $10 million to $50 million," The Wall Street Journal reports.
The filing comes just three days after the "Get Rich or Die Tryin'" rapper was ordered to pay $5 million to his rival Rick Ross' baby mama, Lastonia Leviston, who sued him for posting a sex tape online to millions of viewers in an attempt to embarrass Ross.
"On top of that," TMZ notes, "50 lost a court case in which a jury socked him with a $17.2 million judgment over ripping off a headphones design [in 2014]. It's a breathtaking fall."
50 Cent was previously one of the world's wealthiest rappers, largely thanks to his minority stake in Vitamin Water. In 2007, the Coca-Cola Company acquired Vitamin Water from Glacéau for $4.1 billion.
According to The Washington Post at the time, "50 Cent was thought to have walked away with a figure somewhere between $60 million and $100 million, putting his net worth at nearly a half billion dollars."
While the rapper no longer has an equity stake in the company, he continued to act as a spokesman for Vitamin Water.
Additionally, the rapper's studio albums alone have sold more than 21 million units, and he has starred in a long list of film and TV projects, including Starz's new hit "Power."
In May, Forbes estimated 50 Cent's net worth at $155 million, ranking him No. 4 on the list of the wealthiest hip-hop artists.
The bankruptcy claim comes just days after The New York Times published a glowing profile of the rapper, praising his "exceptional business instincts."
After The Journal broke the bankruptcy story, Twitter had a lot of jokes:
"Could you love me in a Bentley/Could you love me on a bus?" http://t.co/9KW7NEn1hu-; Burgess Everett (@burgessev) July 13, 2015
50 cent literally does not have 50 cents: http://t.co/LoDEsAyjsi-; Open Outcrier (@OpenOutcrier) July 13, 2015
Apparently 50 Cent's financial advisor is worse than his pitching coach-; Joe Kunkle (@OptionsHawk) July 13, 2015
Ironically, his debts are trading at 50 cent on the dollar. https://t.co/3A1TBrL4vQ-; Ivan the K ️™ ️ (@IvanTheK) July 13, 2015
"BREAKING NEWS: Rapper 50 Cent files for bankruptcy" This just unlocked a huge potential for comedians.-; Metro (@MetroPone) July 13, 2015
*Sees 50 Cent filed for bankruptcy* *Logs on to Twitter* *Waits* pic.twitter.com/3ySqVQkNhZ-; Jamie Delaney (@Jamie_Delancey) July 13, 2015
If only 50 cent had a nickel for every “50 Cent” joke.-; Justin Paterno (@zerobeta) July 13, 2015
50 Cent has filed for bankruptcy? That makes 0 Cents.-; Brett Phipps (@InverteBrett) July 13, 2015