Who says you can't make money on twitter Rapper 50 Cent recently raked in millions.
The rapper had plenty to state over the weekend with regards to a penny stock referred to as H&H Imports (HNHI), a small operation out of Florida. Why? Mainly because 50 Cent put in $750,000 in stocks and shares and warrants in the company last fall. Some of those shares could be cashed in only as the stock soars to 15 cents, 25 cents and, indeed, 50 cents.
What better way to power up the stock rather than advertise it to your 3.8 million Twitter visitors? It is exactly what the rapper did - and the stock rose 240 per cent to close at 39 cents Monday.
Presently, however, shares are down nearly 12 per cent to 34 cents.
"You could double your cash right now,"50 Cent tweeted. "Just get what you could afford." He sent out a number of messages - most of which have since been removed - that said things such as "They are no joke get in now."
It took a few days for reality to set in, and 50 Cent (whose actual name is Curtis Jackson) began backing off from his cheerleading Monday, The New York Viewer claims. He soon began sending more cautious messages to his readers, stating things like "I have HNHI stock thoughts on it are my estimation. Seek the advice of a financial consultant regarding it."
Jackson also advised his readers to do their research, saying that "HNHI is the best investment for me it might or might not be suitable for u!"
The New York Post crunched the numbers and calculated that, according to 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 raised by approximately $50 million.
H&H is an extremely sketchy investment decision and even got the dreaded "going concern" notice last March as its auditor discussed 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 a few funny loans at the company also, the Observer notices. H&H lent $141,000 to what it explains as "an entity in which our chairman's brother is an officer and entrepreneur."
The leader of H&H gave two loans to the company a year ago adding up to approximately $215,000.
Exactly what does H&H do? Bloomberg says it purchases and sells ladies bags. Other reports state the company markets sunglasses and also headsets.
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