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The Potency Of Social Networking
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 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. 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 than to promote it to your 3.8 million Twitter followers? 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 series of messages - some of which have since been deleted - that said things like "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 Onlooker reports. He began sending more cautious messages to his followers, saying things like "I have HNHI stock thoughts on it are my estimation. Consult a financial consultant about it."
Jackson also told his followers to do their homework, 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 discovered that, based 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 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 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 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 last year total ling about $215,000.
What, exactly, does H&H do? Bloomberg says it purchases and sells ladies bags. Other reports state the company sells sunglasses and distributes headphones.
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