The Strength Of Social Media
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Who says you can't make money on twitter Rapper 50 Cent just raked in millions.
The rapper had a lot to say over the weekend with regards to a penny stock named H&H Imports (HNHI), a small operation out of Florida. Why? Simply because 50 Cent put in $750,000 in shares and warrants in the company last fall. Some of those shares can be cashed out only as the stock rises to 15 cents, 25 cents and, indeed, 50 cents.
What better way to pump up the stock rather than publicize it to your 3.8 million Twitter visitors? That's 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 can 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 removed - that said things like "They are no joke get in now."
It took a day or two for the fact to set in, and 50 Cent (whose real name is Curtis Jackson) began backing off from his cheerleading Monday, The New York Observer claims. He started sending more cautious messages to his readers, saying things like "I own HNHI stock ideas on it are my opinion. Speak to a financial advisor regarding it."
Jackson also told his readers to do their homework, saying that "HNHI is the right investment for me personally it may or may not be suitable for u!"
The New York Post crunched the numbers and figured 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 raised by about $50 million.
H&H is an extremely sketchy investment and even got the dreadful "going concern" notice last March as its auditor shared 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 also, the Observer notes. H&H lent $141,000 to what it describes as "an entity where our chairman's brother is an officer and owner."
The leader of H&H made two loans to the company a year ago total ling approximately $215,000.
What, exactly, does H&H do? Bloomberg says it buys and markets women's purses. Other reports say the company markets sunglasses and distributes headsets.
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