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.