Who says you can't make a profit on twitter Rapper 50 Cent just raked in millions.
The rapper had plenty to state over the weekend about a penny stock named H&H Imports (HNHI), a tiny operation out of Florida. Why? Simply because 50 Cent put in $750,000 in shares and warrants in the company last fall. A few of these shares can be cashed in only as the stock soars to 15 cents, 25 cents and, yes, 50 cents.
What better way to pump up the stock than to publicize it to your 3.8 million Twitter fans? That's what the rapper did - and the stock increased by 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 money 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 like "They aren't any 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 of his cheerleading Monday, The New York Observer reports. He started sending more cautious messages to his fans, saying things such as "I own HNHI stock thoughts on it are my estimation. Speak with a financial advisor about it."
Jackson also told his fans to do their homework, proclaiming that "HNHI is the right investment for me it might or might not be right for u!"
The New York Post crunched the numbers and figured 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 increased by about $50 million.
H&H is an incredibly sketchy investment and even got the dreaded "going concern" notice last March as its auditor discussed doubts 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 too, the Observer notes. H&H loaned $141,000 to what it describes as "an entity in which our chairman's brother is an officer and entrepreneur."
The chief executive of H&H made two loans to the company last year total ling approximately $215,000.
What, exactly, does H&H do? Bloomberg states it buys and sells ladies handbags. Other reports say the company sells sunglasses and distributes headsets.
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