50 Cent Admits to Losing Money Because of Failing Economy
As stock markets and real estate values take a terrifying nose-dive, the average American citizen is not the only person feeling the effects of what many have deemed an official economic recession. Rapper and Hip Hop mogul 50 Cent [click to read] is also feeling the backlash of the failing economy.
“I lost a couple million dollars already,” 50 admitted to the Canadian Press. “I sit with my investors and business managers and accountants looking at the numbers and I'm like, ‘Yo, the values of stocks in different areas that I invested in are decreasing!’ So I take the loss like everybody else.”
After earning a reported $150 million last year, with the help of a lucrative deal with Glaceau Vitamin Water and a five-year agreement with Reebok to distribute his G-Unit sneaker line, it comes as a surprise that the rapper is experiencing a bit of financial trouble.
Fif has also found it a challenge to sell his infamous Connecticut mansion. Made up of 6 kitchens, 19 bedrooms, 37 bathrooms, stripper poles, and a 40-person hot tub, he’s been attempting to sell it for $18.5 million for the past year. After purchasing the nicknamed “East Coast Playboy Mansion” from boxer Mike Tyson in 2003 (for $4.1 million), 50 has finally decided to jump ship.
“I'm waking up in a room that was previously Mike Tyson's bedroom, a fighter who earned over $500 million in his actual career, and when I purchased his house from him he was in bankruptcy,” said 50. “If that's not a strong enough reminder for you, I don't know what's going to remind you to be aware of where you are financially and make conscious decisions.”
In addition to hardships with his stocks and real estate values, 50 Cent was also persuaded to push back the release of his upcoming album to early 2009 [click to read]. The album, titled Before I Self-Destruct, was supposed to hit stores in time for Christmas, but will be delayed in order to get more airplay for singles, and to develop more publicity for CD sales.
“Pushing it back was to position myself a little better. I want to make sure (buyers) hear some things before I actually get my CD physically on sale,” he said.
In an era that has seen the decline of CD sales in favor of digital ones, it’s important that artists promote their product most efficiently. 50 has even taken advantage of the shifting methods of promotion, using his new reality MTV show, “The Money and the Power” to push his single “Get Up” [click to listen].
"Of course it helps to have 'Get Up' as theme music for my new show. When they run the commercial spots and all those different things it's a consistent reminder (about) the song."
Despite the way things seem to be going for the mogul rapper, Fif still feels as if he will continue to make good business decisions in the future.
“Even if I'm not as relevant as I was when I dropped ‘Get Rich or Die Tryin,’[click to read] five years from now I'll still be creating a platform for new artists to come through.”
Reported by Salima Koroma.
“I lost a couple million dollars already,” 50 admitted to the Canadian Press. “I sit with my investors and business managers and accountants looking at the numbers and I'm like, ‘Yo, the values of stocks in different areas that I invested in are decreasing!’ So I take the loss like everybody else.”
After earning a reported $150 million last year, with the help of a lucrative deal with Glaceau Vitamin Water and a five-year agreement with Reebok to distribute his G-Unit sneaker line, it comes as a surprise that the rapper is experiencing a bit of financial trouble.
Fif has also found it a challenge to sell his infamous Connecticut mansion. Made up of 6 kitchens, 19 bedrooms, 37 bathrooms, stripper poles, and a 40-person hot tub, he’s been attempting to sell it for $18.5 million for the past year. After purchasing the nicknamed “East Coast Playboy Mansion” from boxer Mike Tyson in 2003 (for $4.1 million), 50 has finally decided to jump ship.
“I'm waking up in a room that was previously Mike Tyson's bedroom, a fighter who earned over $500 million in his actual career, and when I purchased his house from him he was in bankruptcy,” said 50. “If that's not a strong enough reminder for you, I don't know what's going to remind you to be aware of where you are financially and make conscious decisions.”
In addition to hardships with his stocks and real estate values, 50 Cent was also persuaded to push back the release of his upcoming album to early 2009 [click to read]. The album, titled Before I Self-Destruct, was supposed to hit stores in time for Christmas, but will be delayed in order to get more airplay for singles, and to develop more publicity for CD sales.
“Pushing it back was to position myself a little better. I want to make sure (buyers) hear some things before I actually get my CD physically on sale,” he said.
In an era that has seen the decline of CD sales in favor of digital ones, it’s important that artists promote their product most efficiently. 50 has even taken advantage of the shifting methods of promotion, using his new reality MTV show, “The Money and the Power” to push his single “Get Up” [click to listen].
"Of course it helps to have 'Get Up' as theme music for my new show. When they run the commercial spots and all those different things it's a consistent reminder (about) the song."
Despite the way things seem to be going for the mogul rapper, Fif still feels as if he will continue to make good business decisions in the future.
“Even if I'm not as relevant as I was when I dropped ‘Get Rich or Die Tryin,’[click to read] five years from now I'll still be creating a platform for new artists to come through.”
Reported by Salima Koroma.
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Comments 97 posts
lovedee:
50 instead of selling your property why don't you start a homeless shelter or rent out the rooms That place has many other uses besides selfish...think what can you finally do to help a few people...did you forget where you came from? Remember those days?
NAB:
I hope 50 cent isnt expecting anybodys sympathy out of this. Oh you lost a few million dollars out of your 150 gained? Why dont you tell that to some of the homeless people walkin around the country, Im sure they'll feel sorry for your ass.
Bovice1:
A_M_CHAOS just ripped that dude a new asshole. i like how that guy down there mentioned the illuminati; shut the hell up with that shit. even if it did exist there's nothing you can do about it
A_M_CHAOS:
Posted By: SUPPLYTHESTREETSdotCOM | Tuesday, December 2, 2008
Report Comment
YOUR FACT OF THE DAY:
The Federal Reserve is actually a private corporation-it is owned by the Rothschild Family(they are worth Trillions), they loan out billions to countries which lends it out to us working class people and tax us, the tax is the interest we pay to our so called government which is under the Federal Reserve(Rothschild Family).
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As far as this person's comment is concerned, the Federal Reserve is actually made up of 12 Federal Banks and headed by different leaders. 7 members of the board (including Bernache), the Federal Bank President of NY, as well as 4 other Bank Presidents from the remaining 11 banks in an alternating cycle. What the Federal Reserve actually does is sell bonds to our nations banks, and charges the banks interest. In order for the regular banks to pay back the Fed Reserve, they cut interest rates and encourage spending. The banks revenue helps to pay back the Federal Reserve and this keeps the economy running. All of the government bailouts will work, if and only if banks cut their rates.
Just a little economics lesson for those who do not know what they are actually talking about.
Happy Holidays!
Kold Shadow:
I'm glad some people here read in between the lines and realized that history repeats itself for a reason . . . the Rothschilds do indeed own the Federal Reserve, but even Evelyn de Rothschild, the patriarch of the top Illuminati bloodline is subservient to the Crown Family, the Queen of England.
I suggest anyone here who thinks Obama is anything more than a distraction, I suggest you Google "Zeitgeist, Esoteric Agenda" and "Ring of Power" and peep those documentaries. The Holy Roman Empire is being resurrected via the rising corporacracy!
roper:
Whoever said this is right on point!!!!!
When someone makes $40 million in one year and puts all $40 million in the bank they have access to the finances of 1,000 average people. When nothing is done with the money the only person who benefits from the huge salary is the person who made $40 million and nobody else. Meanwhile $40 million could affect the lives of 1000s of people. And you think the recession is caused by poor people not paying back say a $3,000 loan. Where do you think they got the $3,000 loan from? From a multi-million dollar company that's where. If the major companies didn't give out the loans and instead used their own fucking money to put it in the right places to keep people moving there wouldn't be a recession you stupid fuck
Dubie Ashtray:
evry 1 who commented on this is retarded!!!!
lol
50 know he gonna be aiight!!!
i guess i am too....sheeeet
Hip-Hop 102:
YOUR FACT OF THE DAY:
The Federal Reserve is actually a private corporation-it is owned by the Rothschild Family(they are worth Trillions), they loan out billions to countries which lends it out to us working class people and tax us, the tax is the interest we pay to our so called government which is under the Federal Reserve(Rothschild Family).
This is why we need to end the fed
and fuck 5-0, he knows he's done, nobody likes him.
YY777:
Posted By: JJ99 | 3 hours ago
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and if the big CEOs and mult-millionaires took salary cuts and put more of the money back into the hands of the average worker, people wouldn't need the loans how many goddam times to I have to say that. Why do you think people try to get loans, because they don't have the money right away to buy what they need. If they had the money they wouldn't need the loans, but the money is sitting in some multi-billionaries bank account you stupid ass. wake the fuck up
...............................................................................
WHAT DA FUCC DOES THIS HAVE TO DO WIT 50 CENT U FUCKIN RETARD?????????????????????????????????? FUCKIN GETTINMAD AT YASELF AN SHIT...LOL
SUPPLYTHESTREETSdotCOM:
YOUR FACT OF THE DAY:
The Federal Reserve is actually a private corporation-it is owned by the Rothschild Family(they are worth Trillions), they loan out billions to countries which lends it out to us working class people and tax us, the tax is the interest we pay to our so called government which is under the Federal Reserve(Rothschild Family).
JJ99:
and if the big CEOs and mult-millionaires took salary cuts and put more of the money back into the hands of the average worker, people wouldn't need the loans how many goddam times to I have to say that. Why do you think people try to get loans, because they don't have the money right away to buy what they need. If they had the money they wouldn't need the loans, but the money is sitting in some multi-billionaries bank account you stupid ass. wake the fuck up
HTF887:
to fool below, its all about credit dumb shit. there are more people with bad credit than good credit. thats why they charge big interest cus if u got bad credit then you probably gonna be late on payments or maybe not pay at all. thats why bad credits get higher interests. then you got more people buyin shit that they cant afford creating bigger leverage. the collapse happened b/c too many sellers talked bad crediters into buying shit they cant afford. and when its time to pay up, they dont have it. thus causing the collapse. its more the sellers faault than any1.
and you said 50 dont spread his money, how you figure?? he contribute to many charities and business interests. Orca Networks, Curtis Jackson Community Garden in Queens, and some overseas ventures. do ya homework kiddo! u must be still in school, huh?
BBNK44:
The average person wouldn't need the $3,000 loan if the big time CEOS took a $3,000 paycut and put that money back into the hands of the average worker. And when the big time loan companies give out a $3,000 loan they expect to get $4,000 back because they charge interest. That is another example of the rich people trying to make money off of the average people by trying to make an average person pay $4,000 for $3,000, that's what a loan is. Meanwhile if the CEOS just lowered their salary they would increase the salary of everybody else they employed and then the average people wouldn't need as many loans you stupid fuck. Get the fuck outta here.
LKH332:
When someone makes $40 million in one year and puts all $40 million in the bank they have access to the finances of 1,000 average people. When nothing is done with the money the only person who benefits from the huge salary is the person who made $40 million and nobody else. Meanwhile $40 million could affect the lives of 1000s of people. And you think the recession is caused by poor people not paying back say a $3,000 loan. Where do you think they got the $3,000 loan from? From a multi-million dollar company that's where. If the major companies didn't give out the loans and instead used their own fucking money to put it in the right places to keep people moving there wouldn't be a recession you stupid fuck.
hiphopsince81:
AFG.... sounds like you are using Game's dick as your pacifier!!!
You don't know 50, Jay-Z, Game, Fat Joe, Buck, etc.
and all these dudes. But, to call out Jay, with a gay-ass name, when you could very well be more gay than any closet rapper out there.... it's "bitch-like" to gossip and name-call about media ppl that you will never meet.
now, my point... don't worry about what they have, spend, models or video hoes they're messing with, how many records sold, car types, and other shit you hear, or what they saw on wax....
now, the other point. Learn your economics???
It does not matter how much 50 loses on the stocks, Vegas, Monte Carlo, Atlantic City, at your momma's Tunk game, etc... or spends on houses, cars, jewelry, Rosco's Waffles, etc.
What he GROSSES is all the $ before expenses. What he EARNS is everything after what I just said.
What he BRINGS HOME is after Uncle Sam takes his cut, even on stock gained income and profits of the (say $10 mil) 50 clears when the mansion sells.
So, after all the concerts, royalties, movie salary, profits on business sales, etc, these guys get, thats what Forbes, etc, racks 'n stacks as comparable "Earned 2007" money. Nobody cares if these guys lost 1/3 of their profits in the market. Its what you generated that puts you on the list.
CV778:
Lehman brothers and AIG collapsed because of the major players of the companies, the big-time CEOS making huge salaries and over 100 times the average employees you stupid fuck. You think if the owners and CEOs took in regular salaries the companies would have collapsed? When somebody makes $400 million dollars in one year where do you think the money comes from you stupid fuck? It comes out of everybody else's pocket. If one person makes $400 million everybody else is $400 million poorer. That's why we are in a recession because of the people who make 1,000 times the average salary and don't do the right thing with the money. End of fucking story.
MRC:
As a matter of fact, that nigga ain't wealthy, he's just rich. There's a difference. He can lose his money quicker than say someone like BILL GATES. Ask CHRIS ROCK. LMAO!!
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Cosign
People need to realize the difference between the two rich people should try to transition to wealth. Thats what wise people do. Instead of investing large sums into things that depreciate. Invst in things that will appreciate and garuntee you a return on investment.
soulguru:
Can I join in this common-sense debate?
"To say the country is in a recession because of what poor people do with their money is ridiculously stupid."
I don't know who that is directed to but since I LOVE to debate, I'll address this statement.
First off, that's EXACTLY one of MY POINTS! And it's what CNN wants you to believe- that loans and credit to poor people (who could NOT pay banks back or their credit cards) is solely responsible for the economic collapse.
Here's my previous quote: "Do NOT believe (all) the hype you read or hear about on TV (even CNN)."
Secondly, I DISAGREE with you on one point because what the middle class-to-poor DOES with their $$$$ "IS" key to the economy because (just in case you missed that class) the ECONOMY is about THE MASSES SPENDING their money on commodities (food, gas, shelter, clothes, electronics, etc.) aka supply and demand.
It costs money to manufacture goods and perishables, it takes investments to jumpstart manufacturing; and when people don't buy, corporations and businesses lose money/investments and fight to maintain payroll when no profits (from cheap labor- an overhead) accrues. Investors like 50 to the actual manufacturers and middle-men (retail outlets like Circuit City, e.g.) loses money when no markup is on retail items that sell for less than anticipated.
The economy stalls when supplies outnumbers demand (aka average folks not spending their wages on "stuff" or services)
This is why "stimulus checks" are going to be dispensed!!! To jumpstart spending by everyday people who are scrimping. Like I said, in a recession or Depression, the rich, super-rich and wealthy seldom feel it.
Now consider if these market forces are CONTROLLED and ENGINEERED for a desired goal on purpose?
Cut off production (deliberately)- pay off shareholders- then, come up with an "excuse" (Impoverished Blacks who cannot manage money did this to our economy, e.g.) to not make loans to small business owners and mid-level corporations like Archway cookies? Panic ensues.
All the while, guess who's buying everything they wish for and still investing even as I type?
The rich and wealthy. 50 may have just invested $50 million in a helicopter-based travel agency and (win or lose) only he and the parent company were affected- not the ECONOMY!
Then, why is the economy STILL in a state of "collapse"?
Read my post for one of many viable answers.
Here's another way of saying it. GM will undergo a housecleaning and refurbishing of its existing plants because a new type of fuel is on the horizon. If 50's people advise him correctly, he'll invest some of his riches in the research and development of this new form of biodegradeable (Green) fuel.
The correct type of manufacturing process needs to be put in place- GM, Ford & Chrysler are existing brick and mortar operations for car producing. Don't demolish the plant, eliminate the old and upgrade the workforce and retrain a new generation to produce those cars.
The old generation may not WANT to learn a new technology. This is one area where Social Engineering comes in.
HHH, that's me:
1% of the population owns 90% of the wealth in this country and were supposed to be in a recession because of what the poor(10%) people do with their money. You sound like a fucking idiot. Obviously its the 1% who owns 90% of the wealth who are the ones calling the shots and are the ones responsible for the recession in the economy. They control 90% of the wealth how are they not the ones responsible?
^^^^^^^^
Are you fucking kidding me??? Do you know anything about the current recession? Like, ANYTHING?
Do you know WHY Lehman Brothers colapsed, and why AIG and Citigroup almost colapsed?
Is it because Rich people don't buy shit? NO, because if ANYTHING, rich people KEEP THEIR MONEY IN THE BANK as form of investment, hence it's GOOD for the banks! You just slapped yourself in the face because rich people investing is a key importance to banks.
Lehman Brothers colapsed because they gave credit to high-risk people, in other words people who are at high risk of not being able to pay back, in other words POOR PEOPLE!
Do you understand why homes were foreclosed? Is it because of rich people??? LOL!
Give me a fucking break, these internet thugs tryna come here and talk economics. Get the fuck outta here, read economy for dummies before you embarass yourself even more.
ZZ6643:
If you make $200 million dollars in one year what you do with your money is alot more important than what a person who makes $30,000 does with their money. Because the person who makes $200 million has a much larger percentage of wealth than the average person they have a much greater impact on the economy. The state of the economy rests alot more on the responsibility of what the person who makes $200 million does with their money than what the person who makes $30,000 does with their money. Therefore it is the people who are making multi-millions who are the ones responsible for the economic recession because they control a much larger percentage of wealth. Why is that so hard to figure out. To say the country is in a recession because of what poor people do with their money is ridiculously stupid. They have such a small amount of wealth they do not have the power to control what goes on in the economy.
dleard39:
FIDDY AITE A SMART BINEZZ MAN BUT FELL OFF BIG TIME N THA RAP GAME!!! I SINT NO HATA JUS BANKZ N GAYOZ SORRY AZZEZ!!! KEEP DOIN U FIDDY
LKS45:
1% of the population owns 90% of the wealth in this country and were supposed to be in a recession because of what the poor(10%) people do with their money. You sound like a fucking idiot. Obviously its the 1% who owns 90% of the wealth who are the ones calling the shots and are the ones responsible for the recession in the economy. They control 90% of the wealth how are they not the ones responsible?
CC8787:
This has nothing to do with 50 and the article is a good piece with 50 making good comments. 50 is cool he is a likeable person, and we wish him the best. On another note, if you make $300 million dollars in one year in this country you acquire that wealth from the rest of the population. One person gets $300 million richer, and since there is about 300 million people in the country, everybody else on average loses $1 per person. If all $300 million sits in one person's bank account and doesn't move and only one person has access to it, how does that help out the economy as a whole? This is not a question about 50 and his life it is a question related to the economy.
Monroe:
All I gotta say on this is that any hater out there that hates on 50 because of the fact faggot ass Game or Ja Rule said he was a snitch your a bitch then because this guy has acheived alot of shit living in mike tysons mansion maken millions this guy dont have to do shit ever again and he will still be popular and remembered. He is always doing big things and breakin people apart its pretty funny how you dont hear from ja or fat joe or camron or even buck much anymore lol its halarious when these people hate in here and I just sit back and laugh at each comment thats posted on the hate lol.
NeTasha:
Thank you 50 for acknowledging your struggle during this current recession. It's offically been a year now that we have been in this slump. And hopefully with the strength of God and determination of the people to keep moving forward we can overcome this situation. I like "GET UP" even more now that I understand how much it mean to you and your future.
Ne'Tasha