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The Potency Of Social Websites
Who says you can't earn money on twitter Rapper 50 Cent recently raked in millions.
The rapper had a lot to express over the weekend with regards to a penny stock referred to as H&H Imports (HNHI), a small operation out of Florida. Why? Simply 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 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 publicize 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, stocks 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 - some of which have since been removed - that said things such as "They are no joke get in now."
It took a couple of days for the fact 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 started sending more cautious messages to his readers, stating things like "I possess HNHI stock ideas on it are my estimation. Seek the advice of a financial consultant regarding it."
Jackson also told his readers to do their research, saying that "HNHI is the perfect investment in my opinion it 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 stake 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 dreadful "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 some funny loans at the company also, the Observer notices. H&H lent $141,000 to what it explains as "an entity where our chairman's brother is an officer and entrepreneur."
The leader of H&H gave two loans to the company a year ago total ling approximately $215,000.
Exactly what does H&H do? Bloomberg says it purchases and markets ladies bags. Other reports state the company markets sunglasses and distributes headsets.
The Potency Of Social Websites
50 Cent tweets, tiny stock soars! The rapper tells millions of followers to buy a penny stock in which he has a large stake - and scores $8.7 million.
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