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The Power Of Social Websites
Who says you can't earn money on twitter Rapper 50 Cent just raked in millions.
The rapper had a lot to say over the weekend about a penny stock referred to as H&H Imports (HNHI), a tiny operation out of Florida. Why? Mainly because 50 Cent put in $750,000 in shares and warrants in the company last fall. Some of those shares can be cashed out only as the stock rises to 15 cents, 25 cents and, yes, 50 cents.
What better way to power up the stock than to advertise it to your 3.8 million Twitter fans? It is exactly what the rapper did - and the stock rose 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 money right now,"50 Cent tweeted. "Just get what you could afford." He sent out a series of messages - most of which have since been removed - that said things like "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 of his cheerleading Monday, The New York Viewer states. He soon began sending more cautious messages to his fans, saying things like "I own HNHI stock ideas on it are my opinion. Talk to a financial consultant about it."
Jackson also advised his fans to do their homework, saying that "HNHI is the right investment for me personally it may or may not be right for u!"
The New York Post crunched the numbers and calculated 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 increased by about $50 million.
H&H is an extremely sketchy investment and even got the dreadful "going concern" notice last March as its auditor shared doubts 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 a few funny loans at the company too, the Observer notes. H&H lent $141,000 to what it describes as "an entity where our chairman's brother is an officer and owner."
The chief executive of H&H gave two loans to the company this past year adding up to approximately $215,000.
What, exactly, does H&H do? Bloomberg says it buys and markets women's handbags. Other reports state the company offers sunglasses and also headsets.
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