50 Cent speaks out on bankruptcy filing: 'People love tragedy'

50 Cent Files For Bankruptcy, Is He Millions in Debt?

50 Cent is breaking his silence after filing for bankruptcy – and he wasn't afraid to shed light on the situation currently facing him.

"I'm not panicking. People love tragedy more than they love good news, no matter how you look at it. The news comes on, and it's 90 percent tragedy," the 40-year-old rapper and businessman told ET's Kevin Frazier on Monday at the Southpaw press junket.

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"I have faith in the court systems," he continued. "I know at points you gotta just relax and go through the process."

If anything, 50 Cent wants everyone to know that this isn't a red flag.

"I make decisions to do things based on the position that I'm placed in at points and if I'm consistently being made out to be a target because of my financial situation ...," he told ET. "If [people] actually believe that I wouldn't be conscious of who I am and protecting myself ..."

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Late Monday evening, 50 Cent joked about his current situation, posting a pic of him in front of a Smart car. "Times are hard out here LMAO," he wrote in the caption.

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Times are hard out here LMAO #FRIGO #SMSAUDIO

A post shared by 50 Cent (@50cent) on

50 Cent, whose legal name is Curtis James Jackson III, filed for chapter 11 bankruptcy protection in Hartford, Connecticut earlier Monday, reporting assets and debts between $10 million and $50 million.

The bankruptcy filing comes days after he was ordered to pay $5 million to a woman who sued him after he allegedly acquired a sex tape of her and her boyfriend, sharing it without her consent, the Associated Press reported.

"The filing allows Mr. Jackson to reorganize his financial affairs, as he addresses various professional liabilities and takes steps to position the future of his various business interests," 50 Cent's attorney said in a statement to The Hollywood Reporter.

50 Cent through the years:

50 Cent through the years
See Gallery
50 Cent speaks out on bankruptcy filing: 'People love tragedy'
Rapper Curtis Jackson aka '50 Cent Rapper' in front of HUMVEE outside Stage 17 at Raleigh Studios in Manhattan Beach where he is shooting music video for Emimem's new label on 12/10/2002. (Photo by Bob Chamberlin/Los Angeles Times via Getty Images)
Actor/Singer Curtis '50 Cent' Jackson arrives at the Premiere Of 'Get Rich Or Die Tryin'' at Grauman's Chinese Theater on November 2, 2005 in Hollywood, California. (Photo by Kevin Winter/Getty Images)
US musician and actor Curtis Jackson also known as 50 Cent performs in Boris Trajkovski hall in Skopje late on March 31, 2010. (Photo by Robert Atanasovski, AFP/Getty Images)
Curtis '50 Cent' Jackson attends 'Escape Plan' New York Premiere at Regal E-Walk on October 15, 2013 in New York City. (Photo by Dave Kotinsky/Getty Images)
Recording artist Curtis '50 Cent' Jackson of the music group G-Unit performs onstage during the 2014 iHeartRadio Music Festival at the MGM Grand Garden Arena on September 20, 2014 in Las Vegas, Nevada. (Photo by Kevin Winter/Getty Images for iHeartMedia)
NEW YORK, NY - JULY 24: Rapper/actor Curtis James Jackson III aka 50 Cent On ABC's 'Good Morning America' at Rumsey Playfield, Central Park on July 24, 2015 in New York City. (Photo by Gilbert Carrasquillo/FilmMagic)
NEW YORK, NY - SEPTEMBER 10: Curtis '50 Cent' Jackson attends Tuesday's Children Roots of Resilience Gala 2015 on September 10, 2015 in New York City. (Photo by Paul Morigi/Getty Images for Tuesday's Children)
NEW YORK, NY - SEPTEMBER 11: Curtis '50 Cent' Jackson attends the annual Charity Day hosted by Cantor Fitzgerald and BGC at Cantor Fitzgerald on September 11, 2015 in New York City. (Photo by Noam Galai/Getty Images for Cantor Fitzgerald)
NEW YORK, NY - SEPTEMBER 30: Rapper Curtis '50 Cent' Jackson III attends JCPenney and Michael Strahan's launch of Collection by Michael Strahan on September 30, 2015 in New York City. (Photo by Bryan Bedder/Getty Images for JCPenney)
LAS VEGAS, NV - OCTOBER 10: Rapper Curtis '50 Cent' Jackson performs at the 10th annual Wine Amplified festival at the Las Vegas Village on October 10, 2015 in Las Vegas, Nevada. (Photo by David Becker/WireImage)
Curtis '50 Cent' Jackson arrives at The Paley Center For Media's Hollywood Tribute to African American Achievements in Television on October 26, 2015 in Beverly Hills, California. AFP PHOTO / FREDERIC J. BROWN (Photo credit should read FREDERIC J. BROWN/AFP/Getty Images)
ATLANTIC CITY, NJ - OCTOBER 31: 50 Cent attends at The Pool After Dark at Harrah's Resort on October 31, 2015 in Atlantic City, New Jersey. (Photo by Shareif Ziyadat/Getty Images)
GLASGOW, SCOTLAND - NOVEMBER 04: 50 Cent performs at The SSE Hydro on November 4, 2015 in Glasgow, Scotland. (Photo by Ross Gilmore/Redferns)

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The news of 50 Cent's bankruptcy filing may have come as a shock to fans. In May, Forbes estimated 50 Cent's net worth at $155 million, thanks in large part to a minority stake in VitaminWater, putting him in the top 5 wealthiest hip-hop artists. As a shareholder of VitaminWater, 50 Cent made an estimated $100 million after taxes when the brand was sold to Coco-Cola in 2007.

50 Cent is also starring in the upcoming Jake Gyllenhaal boxing dramaSouthpaw and Starz's Power, which he executive produces.

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