50 Cent Takes a Left Jab
They say that you’re not truly a successful entrepreneur until you have at least one failed business.
Well, it looks like you can add Curtis “50 Cent” Jackson to that list.
The rapper and strategic businessman has a lot of “wins” under his belt, but in the boxing arena, TMZ Sports reports that SMS promotions has recently filed for bankruptcy.
The G-Unit leader took on the boxing endeavor in 2012 and hosted a May 15 “Night of Power” boxing event in Connecticut, which may have been an effort to save the failing promotions company.
As it stands, SMS Promotions has incurred between a $100K to $500k debt.
However, like true fighters, 50 and his team plan to stay in business.
In a statement released to Billboard, 50’s rep explained the financial blow as an opportunity for the company to “reorganize in an effort to protect its investment in worldwide boxing promotion and a promising stable of talented, young fighters.”
Ever the jokester and entertainment bully, it will be interesting to see how 50 addresses this current situation.
On another note, this could be a case of karma. Recall when 50 publicly expressed his doubt relating to Jay-Z’s entrance into the boxing arena with Roc Nation Sports?
It doesn’t always help nor is it necessary to throw daggers at another’s business moves.
On the upside, 50 is still going strong in additional endeavors such as his highly promoted Effen Vodka, newly released G-Unit music, and not to mention his baby boy is a contracted model.
Business is strong, but you must endure the fall in order to better appreciate the climb to success.