Who says you can't make money on twitter Rapper 50 Cent recently raked in millions.
The rapper had a lot to state over the weekend about a penny stock named H&H Imports (HNHI), a tiny operation out of Florida. Why? Mainly because 50 Cent put in $750,000 in stocks and shares and warrants in the company last fall. Some of those shares could be cashed out only as the stock soars to 15 cents, 25 cents and, yes, 50 cents.
What better way to pump up the stock than to advertise it to your 3.8 million Twitter visitors? It is precisely what the rapper did - and the stock rose 240 per cent to close at 39 cents Monday.
Presently, however, stocks 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 - most of which have since been removed - 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 of his cheerleading Monday, The New York Observer reports. He soon began sending more cautious messages to his readers, stating things like "I possess HNHI stock ideas on it are my estimation. Speak to a financial advisor about it."
Jackson also advised his readers to do their research, saying that "HNHI is the perfect investment for me personally 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 risk 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 decision and even got the dreadful "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 a few funny loans at the company also, the Observer notices. H&H lent $141,000 to what it explains as "an entity where our chairman's brother is an officer and entrepreneur."
The chief executive of H&H made two loans to the company last year adding up to approximately $215,000.
Exactly what does H&H do? Bloomberg says it purchases and markets ladies purses. Other reports say the company sells sunglasses and also headsets.
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