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50 Cent Tweets, Tiny Share Increases!
Who says you can't make money on twitter Rapper 50 Cent just raked in millions.
The rapper had plenty to state over the weekend with regards to a penny stock called H&H Imports (HNHI), a tiny operation out of Florida. Why? Because 50 Cent put in $750,000 in stocks and shares and warrants in the company last fall. Some of those shares can be cashed in only as the stock soars to 15 cents, 25 cents and, indeed, 50 cents.
What better way to pump up the stock than to promote it to your 3.8 million Twitter visitors? It is exactly what the rapper did - and the stock rose 240 per cent to close at 39 cents Monday.
Today, however, shares are down nearly 12 per cent to 34 cents.
"You could double your cash right now,"50 Cent tweeted. "Just get what you can afford." He sent out a series of messages - some of which have since been removed - that said things such as "They are no joke get in now."
It took a day or two for reality to set in, and 50 Cent (whose actual name is Curtis Jackson) began backing off from his cheerleading Monday, The New York Observer reports. He began sending more cautious messages to his readers, stating things like "I own HNHI stock thoughts on it are my estimation. Speak to a financial advisor about it."
Jackson also told his readers to do their research, saying that "HNHI is the right investment for me it might or might not be suitable for u!"
The New York Post crunched the numbers and realized that, based on H&H's close at 39 cents Monday, Jackson's stake of 30 million shares gained in value by $8.7 million. The entire company's value raised by approximately $50 million.
H&H is an extremely sketchy investment and even got the dreaded "going concern" notice last March as its auditor discussed queries about 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 some funny loans at the company also, the Observer notices. H&H lent $141,000 to what it describes as "an entity in which our chairman's brother is an officer and entrepreneur."
The leader of H&H made two loans to the company last year total ling approximately $215,000.
Exactly what does H&H do? Bloomberg says it buys and sells ladies purses. Other reports say the company sells sunglasses and distributes headsets.
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