The Effectiveness Of Social Websites
Who says you can't generate profits on twitter Rapper 50 Cent just raked in millions.
The rapper had a lot to express over the weekend about a penny stock named H&H Imports (HNHI), a tiny operation out of Florida. Why? Because 50 Cent put in $750,000 in stocks and shares and warrants in the company last fall. A few of these shares can be cashed out only as the stock goes up to 15 cents, 25 cents and, yes, 50 cents.
What better way to pump up the stock than to promote it to your 3.8 million Twitter visitors? It is precisely what the rapper did - and the stock increased by 240 per cent to close at 39 cents Monday.
Today, however, stocks are down nearly 12 per cent to 34 cents.
"You could double your money right now,"50 Cent tweeted. "Just get what you can afford." He sent out a series of messages - some of which have since been removed - that said things such as "They aren't any joke get in now."
It took a day or two for the fact to set in, and 50 Cent (whose actual name is Curtis Jackson) began backing off of his cheerleading Monday, The New York Observer reports. He began sending more cautious messages to his readers, stating things such as "I own HNHI stock ideas on it are my estimation. Speak to a financial advisor about it."
Jackson also told his readers to do their research, proclaiming that "HNHI is the right investment in my opinion it might not be right for u!"
The New York Post crunched the numbers and figured 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 raised by approximately $50 million.
H&H is an incredibly sketchy investment and even got the dreadful "going concern" notice last March as its auditor discussed doubts about 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 also, the Observer notices. H&H loaned $141,000 to what it describes as "an entity where our chairman's brother is an officer and entrepreneur."
The chief executive of H&H made two loans to the company last year total ling approximately $215,000.
Exactly what does H&H do? Bloomberg states it buys and markets ladies purses. Other reports say the company sells sunglasses and distributes headsets.
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