The Power Of Social Websites
Who says you can't make money on twitter Rapper 50 Cent just raked in millions.
The rapper had plenty to say over the weekend about a penny stock called H&H Imports (HNHI), a tiny operation out of Florida. Why? Simply because 50 Cent invested $750,000 in shares and warrants in the company last fall. Some of those shares can be cashed in only as the stock rises to 15 cents, 25 cents and, yes, 50 cents.
What better way to pump up the stock than to publicize it to your 3.8 million Twitter followers? That's what the rapper did - and the stock rose 240 per cent to close at 39 cents Monday.
Today, however, shares are down nearly 12 per cent to 34 cents.
"You can 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 deleted - that said things like "They are no joke get in now."
It took a day or two for reality to set in, and 50 Cent (whose real name is Curtis Jackson) began backing off of his cheerleading Monday, The New York Observer states. He soon started sending more cautious messages to his followers, saying things like "I own HNHI stock thoughts on it are my opinion. Speak to a financial advisor about it."
Jackson also advised his followers to do their homework, saying that "HNHI is the right investment for me it may or may not be right for u!"
The New York Post crunched the numbers and realized that, depending 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 about $50 million.
H&H is an extremely sketchy investment and even got the dreaded "going concern" notice last March as its auditor shared 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 as well, the Observer notes. H&H lent $141,000 to what it describes as "an entity in which our chairman's brother is an officer and owner."
The chief executive of H&H made two loans to the company this past year adding up to about $215,000.
What, exactly, does H&H do? Bloomberg says it buys and sells women's purses. Other reports say the company offers sunglasses and also headphones.
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