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The Effectiveness Of Social Networking
Who says you can't generate profits on twitter Rapper 50 Cent recently raked in millions.
The rapper had plenty to say over the weekend about 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 shares and warrants in the company last fall. A few of these shares could be cashed in only as the stock rises to 15 cents, 25 cents and, yes, 50 cents.
What better way to power up the stock rather than publicize it to your 3.8 million Twitter fans? That's what the rapper did - and the stock increased by 240 per cent to close at 39 cents Monday.
Presently, however, shares 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 number of messages - most of which have since been removed - that said things like "They aren't any joke get in now."
It took a few days for reality to set in, and 50 Cent (whose real name is Curtis Jackson) began backing off of his cheerleading Monday, The New York Viewer claims. He soon started sending more cautious messages to his fans, saying things such as "I have HNHI stock thoughts on it are my opinion. Speak with a financial consultant regarding it."
Jackson also advised his fans to do their homework, proclaiming that "HNHI is the best investment for me personally it may or may not be right 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 increased by about $50 million.
H&H is an incredibly sketchy investment decision and even got the dreaded "going concern" notice last March as its auditor shared doubts 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 too, the Observer notes. H&H loaned $141,000 to what it explains as "an entity in which our chairman's brother is an officer and owner."
The chief executive of H&H gave two loans to the company a year ago adding up to approximately $215,000.
What, exactly, does H&H do? Bloomberg states it purchases and sells women's handbags. Other reports state the company markets sunglasses and also headsets.
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