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50 Cent Tweets, Tiny Stock Increases!
Who says you can't make a profit on twitter Rapper 50 Cent recently raked in millions.
The rapper had a lot to say over the weekend with regards to a penny stock referred to as H&H Imports (HNHI), a tiny operation out of Florida. Why? Mainly because 50 Cent invested $750,000 in shares and warrants in the company last fall. A few of these shares could be cashed out only as the stock rises to 15 cents, 25 cents and, indeed, 50 cents.
What better way to power up the stock than to advertise it to your 3.8 million Twitter followers? That's what the rapper did - and the stock increased by 240 per cent to close at 39 cents Monday.
Presently, however, stocks are down nearly 12 per cent to 34 cents.
"You can double your cash right now,"50 Cent tweeted. "Just get what you could afford." He sent out a series of messages - most of which have since been deleted - that said things like "They aren't any joke get in now."
It took a couple of days for the fact to set in, and 50 Cent (whose real name is Curtis Jackson) began backing off from his cheerleading Monday, The New York Viewer reports. He soon started sending more cautious messages to his followers, saying things such as "I possess HNHI stock ideas on it are my opinion. Seek the advice of a financial consultant about it."
Jackson also advised his followers to do their homework, proclaiming that "HNHI is the perfect investment for me personally it may or may not be suitable for u!"
The New York Post crunched the numbers and calculated that, based on H&H's close at 39 cents Monday, Jackson's risk of 30 million shares gained in value by $8.7 million. The entire company's value shot up by about $50 million.
H&H is an incredibly sketchy investment decision and even got the dreadful "going concern" notice last March as its auditor shared queries regarding the company's future. The company reported less than $300,000 in revenue last quarter but lost $1.3 million, the Post reports.
There are a few funny loans at the company as well, the Observer notes. H&H loaned $141,000 to what it explains as "an entity where our chairman's brother is an officer and owner."
The leader of H&H gave two loans to the company last year adding up to about $215,000.
What, exactly, does H&H do? Bloomberg states it purchases and markets women's bags. Other reports state the company sells sunglasses and also headphones.
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