50 Cent Loses $16 Million Court Case To Sleek Audio
50 Cent’s reported $140 million net worth is about to take a slight hit. That’s because a judge has ordered the Hip Hop mogul to pay $16 million to Sleek Audio.
The court ruling stemmed from a lawsuit by Sleek claiming that 50 stole the company’s product design and confidential private client information. An arbitrator previously sided with Sleek in the case and awarded the company $16,181,578 in damages and lawyer fees.
This week Palm Beach County Circuit Judge Peter Blanc agreed with the arbitrator that 50 used Sleek’s intellectual property for his own SMS Audio headphones line. Blanc stated in a 15-page ruling that Fiddy nor his lawyers provided sufficient information that would require him to overturn the arbitrator’s decision.
Even with all his different business ventures including the hit show Power and the docuseries Dream School, 50’s financial year overall has equaled about half the $16 million debt he owes to Sleek. According to Forbes, the G-Unit leader made around $8 million over the last 12 months.