50 Cent Tweets, Tiny Share Increases!
Who says you can't make a profit on twitter Rapper 50 Cent recently raked in millions.
The rapper had plenty to express over the weekend with regards to a penny stock known as H&H Imports (HNHI), a tiny operation out of Florida. Why? Mainly because 50 Cent invested $750,000 in stocks and shares and warrants in the company last fall. A few of these shares could be cashed in only as the stock goes up 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? It is precisely what the rapper did - and the stock increased by 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 series of messages - most of which have since been deleted - that said things such as "They aren't any 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 reports. He soon began sending more cautious messages to his followers, stating things such as "I have HNHI stock thoughts on it are my opinion. Consult a financial consultant about it."
Jackson also advised his followers to do their research, proclaiming that "HNHI is the best investment for me it might not be suitable for u!"
The New York Post crunched the numbers and discovered 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 approximately $50 million.
H&H is an incredibly 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 revenue 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 loaned $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 last year adding up to about $215,000.
Exactly what does H&H do? Bloomberg states it purchases and sells women's purses. Other reports state the company sells sunglasses and also headphones.
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