50 Cent is foreseeing the legal ramifications of the many lawsuits Diddy is facing along with the major blowback he is getting due to his various companies suffering financial setbacks, and he’s warning him to take early action to save his wealth.
Diddy was hip hop’s first billionaire, but he stands to lose immensely as he and several of his companies have been named as defendants in two lawsuits where the victims are alleging that they were raped by Diddy in the 1990s. The effect of judgments being awarded against Diddy and the companies could result in him and the companies going insolvent and having to file for bankruptcy.
The companies are sued on the basis that they failed to protect the victim and allowed a hostile work environment. A former manager of Bad Boy Entertainment and the company are also facing a lawsuit similar to Diddy’s, which could impugn Bad Boy Entertainment’s viability.
As it is, Diddy is likely to be removed as the face of Ciroc vodka which is worth tens of millions of dollars, and he is already removed from multimedia company Revolt this week.
Diddy has not addressed the lawsuits, but his lawyers have said it is a shakedown for money. However, 50 Cent seems to believe the victims, but he is weirdly offering advice to Diddy, who he has been beefing with for many years.
In a new post, 50 Cent warned Diddy that he needed to take urgent legal steps to protect his assets and declare bankruptcy.
“I thought Diddy was a billionaire music mogul,” he said mocking the Forbes claim that Diddy was a billionaire. “If he is smart, he will file bankruptcy now. Anyone with real money knows why I’m saying this. I’m the best producer for the job guys here come the receipts,” he added.
50 Cent was at the time reacting to a Page Six report that he was developing a documentary on Diddy, which he has been trolling Diddy about in recent times.
The G-Unit rapper’s comments come in light of the lawsuit brought by Rick Ross’ baby mother, Lastonia Leviston, in 2015, in which she sued him for reposting her leaked sex tape during his beef with Rick Ross. The rapper was fined $5 million by the court, but he had publicly sworn not to pay a penny to Leviston. However, 50 Cent was able to file for Chapter 11 bankruptcy, specifically reorganization that says his assets at $20 million and his liabilities at $36 million.
Despite his best efforts, he still ended up having to pay Leviston $6 million dollars. He then went after his lawyers for legal malpractice to recollect the money he paid. However, the claim was unsuccessful and rejected by the courts.