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The Power Of Social Networking
Who says you can't make a profit on twitter Rapper 50 Cent just raked in millions.
The rapper had plenty to say over the weekend about a penny stock known as H&H Imports (HNHI), a small operation out of Florida. Why? Simply because 50 Cent invested $750,000 in stocks and shares and warrants in the company last fall. A few of these shares can be cashed in only as the stock rises to 15 cents, 25 cents and, yes, 50 cents.
What better way to power up the stock rather than publicize it to your 3.8 million Twitter fans? It is exactly what the rapper did - and the stock increased by 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 could afford." He sent out a number of messages - some of which have since been deleted - that said things such as "They aren't any 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 Onlooker states. He started sending more cautious messages to his fans, stating things such as "I own HNHI stock thoughts on it are my opinion. Speak with a financial consultant regarding it."
Jackson also told his fans to do their research, proclaiming 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 discovered that, depending 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 increased by approximately $50 million.
H&H is an incredibly sketchy investment and even got the dreaded "going concern" notice last March as its auditor shared doubts regarding 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 too, the Observer notices. H&H loaned $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 gave two loans to the company this past year total ling about $215,000.
Exactly what does H&H do? Bloomberg states it buys and sells women's handbags. Other reports state the company offers sunglasses and distributes headphones.
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