50 Cent: Filing For Bankruptcy Is A Rite Of Passage For The Business Elite

What great businessman in history hasn't filed for Chapter 11?

Particularly when it comes to protecting one's assets from a lawsuit involving a sex tape, because you know he's far from the only one. Lookin' at you, Rockefeller. Howard Hughes, you're also suspect.

Mr. Jackson declined to comment on the bankruptcy filing, but earlier this week, he told E! News that he was taking precautions “that any good business person would take in this situation.” He cited Walt Disney as another successful person who filed for bankruptcy in the past. In an emailed statement, his lawyer said, “This filing for personal bankruptcy protection permits Mr. Jackson to continue his involvement with various business interests and continue his work as an entertainer, while he pursues an orderly reorganization of his financial affairs.”

50 Cent’s Business Sense [WSJ]

Earlier: 50 Cent Sends A Message To Anyone Thinking Of Suing Him For Posting Their Sex Tape On The Internet