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50 Cent Twitter Posts, Tiny Stock Increases!
Who says you can't earn money on twitter Rapper 50 Cent just raked in millions.
The rapper had a lot to express over the weekend with regards to a penny stock known as H&H Imports (HNHI), a small operation out of Florida. Why? Because 50 Cent invested $750,000 in stocks and shares and warrants in the company last fall. Some of those shares can be cashed out only as the stock goes up to 15 cents, 25 cents and, indeed, 50 cents.
What better way to power up the stock rather than promote it to your 3.8 million Twitter followers? It is exactly what the rapper did - and the stock went up by 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 could afford." He sent out a number of messages - some of which have since been deleted - that said things such as "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 Onlooker states. He began sending more cautious messages to his followers, stating things like "I own HNHI stock ideas on it are my opinion. Speak to a financial consultant regarding it."
Jackson also told his followers to do their research, stating that "HNHI is the right investment in my opinion it might 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 approximately $50 million.
H&H is an extremely sketchy investment 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 income last quarter but lost $1.3 million, the Post reports.
There are some funny loans at the company as well, the Observer notices. 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 gave two loans to the company this past year total ling about $215,000.
Exactly what does H&H do? Bloomberg says it buys and markets women's purses. Other reports state the company offers sunglasses and distributes headphones.
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