Posted by: nbaground on: January 25, 2010
Who says you can't earn money on twitter Rapper 50 Cent just raked in millions.
The rapper had a lot to express over the weekend with regards to a penny stock called H&H Imports (HNHI), a small operation out of Florida. Why? Because 50 Cent invested $750,000 in stocks and shares and warrants in the company last fall. Some of those shares can be cashed out only as the stock goes up to 15 cents, 25 cents and, indeed, 50 cents.
What better way to pump up the stock rather than promote 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.
Today, however, stocks 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 number 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 the fact to set in, and 50 Cent (whose actual name is Curtis Jackson) began backing off from his cheerleading Monday, The New York Observer claims. He started sending more cautious messages to his followers, stating things like "I possess HNHI stock ideas on it are my estimation. Consult a financial advisor regarding it."
Jackson also told his followers to do their research, saying that "HNHI is the perfect investment in my opinion it might not be suitable for u!"
The New York Post crunched the numbers and realized that, according to 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 and even got the dreadful "going concern" notice last March as its auditor discussed queries about 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 some funny loans at the company as well, the Observer notices. H&H lent $141,000 to what it describes as "an entity where our chairman's brother is an officer and entrepreneur."
The leader of H&H made two loans to the company a year ago total ling about $215,000.
Exactly what does H&H do? Bloomberg says it buys and markets ladies bags. Other reports say the company markets sunglasses and distributes headphones.
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