Who says you can't make money on twitter Rapper 50 Cent recently raked in millions.
The rapper had plenty to state over the weekend about a penny stock known as H&H Imports (HNHI), a tiny operation out of Florida. Why? Simply 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 soars to 15 cents, 25 cents and, yes, 50 cents.
What better way to power up the stock than to publicize it to your 3.8 million Twitter followers? It is precisely 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 could double your money right now,"50 Cent tweeted. "Just get what you could afford." He sent out a series of messages - some of which have since been deleted - that said things such as "They are no joke get in now."
It took a couple of days for reality to set in, and 50 Cent (whose actual name is Curtis Jackson) began backing off of his cheerleading Monday, The New York Onlooker reports. He started sending more cautious messages to his followers, stating things like "I possess HNHI stock thoughts on it are my estimation. Talk to a financial consultant about it."
Jackson also told his followers to do their research, saying that "HNHI is the perfect investment for me it might or might not be right for u!"
The New York Post crunched the numbers and discovered 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 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 discussed doubts 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 some 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 entrepreneur."
The chief executive of H&H gave two loans to the company last year total ling about $215,000.
Exactly what does H&H do? Bloomberg says it purchases and sells ladies handbags. Other reports state the company sells sunglasses and distributes headphones.
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