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50 Cent Tweets, Tiny Stock Soars!
Who says you can't earn money on twitter Rapper 50 Cent recently raked in millions.
The rapper had plenty to say over the weekend with regards to a penny stock referred to as H&H Imports (HNHI), a small operation out of Florida. Why? Mainly because 50 Cent invested $750,000 in stocks and shares and warrants in the company last fall. Some of those shares could be cashed in only as the stock rises to 15 cents, 25 cents and, indeed, 50 cents.
What better way to power up the stock rather than advertise it to your 3.8 million Twitter followers? It is exactly what the rapper did - and the stock rose 240 per cent to close at 39 cents Monday.
Presently, however, shares 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 number of messages - most of which have since been deleted - that said things such as "They are no joke get in now."
It took a few days for reality to set in, and 50 Cent (whose real name is Curtis Jackson) began backing off from his cheerleading Monday, The New York Viewer states. He soon began sending more cautious messages to his followers, stating things like "I have HNHI stock thoughts on it are my opinion. Seek the advice of a financial consultant regarding it."
Jackson also advised his followers to do their research, saying that "HNHI is the best investment for me personally it may or may not be suitable for u!"
The New York Post crunched the numbers and calculated that, depending 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 approximately $50 million.
H&H is an extremely sketchy investment decision and even got the dreaded "going concern" notice last March as its auditor shared queries regarding the company's future. The company reported less than $300,000 in income last quarter but lost $1.3 million, the Post reports.
There are a few funny loans at the company as well, the Observer notices. H&H lent $141,000 to what it explains as "an entity in which our chairman's brother is an officer and owner."
The leader of H&H gave two loans to the company this past year adding up to about $215,000.
Exactly what does H&H do? Bloomberg says it purchases and sells women's bags. Other reports state the company offers sunglasses and also headphones.
50 Cent Tweets, Tiny Stock Soars!
50 Cent tweets, tiny stock soars! The rapper tells millions of followers to buy a penny stock in which he has a large stake - and scores $8.7 million.
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