Who says you can't make a profit on twitter Rapper 50 Cent recently raked in millions.
The rapper had a lot to say over the weekend with regards to a penny stock known as H&H Imports (HNHI), a tiny operation out of Florida. Why? Because 50 Cent invested $750,000 in shares and warrants in the company last fall. A few of these shares could be cashed out only as the stock rises to 15 cents, 25 cents and, indeed, 50 cents.
What better way to power up the stock than to promote it to your 3.8 million Twitter followers? That's what the rapper did - and the stock increased by 240 per cent to close at 39 cents Monday.
Presently, 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 could afford." He sent out a series of messages - some of which have since been deleted - that said things like "They aren't any joke get in now."
It took a couple of days 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 Onlooker states. He started sending more cautious messages to his followers, saying things such as "I possess HNHI stock ideas on it are my opinion. Consult a financial consultant about it."
Jackson also told his followers to do their homework, proclaiming that "HNHI is the perfect investment in my opinion it may or may not be suitable 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 shot up by about $50 million.
H&H is an incredibly sketchy investment decision and even got the dreadful "going concern" notice last March as its auditor shared queries regarding 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 some funny loans at the company as well, the Observer notes. H&H loaned $141,000 to what it explains as "an entity where our chairman's brother is an officer and owner."
The leader of H&H gave two loans to the company this past year total ling about $215,000.
What, exactly, does H&H do? Bloomberg states it purchases and markets women's purses. Other reports state the company offers sunglasses and distributes headphones.
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