Hip hop mogul 50 Cent worries about his money in hurting economy
http://finance.sympatico....px?cp-documentid=14555005
TORONTO - With stock
markets and real estate values plummeting, times are tough across the United States - even for rapper 50 Cent, who reportedly made US$150 million last year
but is still anxiously watching his investment portfolio sink and multimillion-dollar mansion languish unsold.
The 33-year-old hip-hop mogul says he's not shy about lending his name to TV shows, movies, video games, clothes, sneakers, bottled water, body spray and condoms - in addition to selling his music, of course - because the last thing he wants is to be the next MC Hammer or Mike Tyson.
"Ten years ago that was actually taboo, for you to be associated with a major company or corporation - from a hip-hop perspective, you was a sell out," he said in an interview.
"But those artists from that time period are (television) specials, they're completely broke right now."
So he's willing to dress up in designer suits and play the part of a businessman when shaking hands with corporate heads, although he insists he'll always be a rapper from the streets at heart.
"I'm like the fire hydrant. I'll be right beside the street regardless of how they feel about it," he said.
50 Cent - real name Curtis Jackson - actually bought Tyson's old home in Farmington, Conn., in 2003 for US$4.1 million, and the "East Coast Playboy mansion," as he's nicknamed it, typifies the out-of-control excess that has bankrupted celebrities.
When 50 Cent put the 4,650-square-metre house up for sale, the listing mentioned its six kitchens, 19 bedrooms and 37 bathrooms. 50 Cent's additions included a 40-person hot tub and some of his own personal designer touches - like stripper poles.
He's been trying to sell it for US$18.5 million for more than a year now, and every night that he sleeps in the monster mansion he's reminded of Tyson's fall from grace.
"I'm waking up in a room that was previously Mike Tyson's bedroom, a fighter who earned over US$500 million in his actual career, and when I purchased his house from him he was in bankruptcy," he said.
"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."
He's very aware of the downturn in the global markets and admits he's worried about watching his money disappear, even though he's got lots more of it hanging around.
"Well yeah, I lost a couple million dollars already, you see what I'm saying? 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."
The sagging economy also persuaded him to delay the release of his new CD, "Before I Self Destruct," which was supposed to hit stores in time for Christmas.
The release has been pushed back into the new year to get more airplay for singles and build up as much hype as possible to ensure that CD sales aren't disappointing.
"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.
Another way he's promoted the CD and its lead single "Get Up" was by making it the theme song for his new reality TV show, "The Money and the Power," which is airing in Canada on MuchMusic.
"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."
Buyers of the album will also get a bonus disc with a new movie that 50 Cent directed, produced and starred in.
He believes there's no such thing as oversaturating his brand and he's happy with the deals he's made, especially the one that resulted in him getting his own record label, G-Unit Records, which is distributed through the Universal Music Group's Interscope Records.
"Even if I'm not as relevant as I was when I dropped (major label debut) `Get Rich or Die Tryin,' five years from now I'll still be
creating a platform for new artists to come through."
Return to Davey D's Hip Hop Corner

