Curtis “50 Cent” Jackson is a certified entrepreneur. A buisnessman’s buisnessman…
Not only did he just announce a partnership with Sleek Audio for the development of his own brand of wireless audio headphones at the 2011 International Consumer Electronics Show in Vegas a few days ago, but he also raked in MILLIONS of dollars by simply sending out a few tweets!
Fiddy had plenty to say over the weekend about investing and he gave a few stock tips to his followers…
Who says you can’t make money on Twitter? 😆
Fifty proceeded to tweet info about a penny stock named H&H Imports (HNHI), a tiny operation out of Florida.
“You can double your money right now,” 50 Cent tweeted. “Just get what you can afford.” He sent out a series of messages — most of which have since been deleted — that said things like “They are no joke get in now.”
It took a day or two for reality to set in, and 50 Cent (whose real name is Curtis Jackson) began backing off of his cheerleading Monday, The New York Observer reports.
He subsequently deleted the endorsing tweets and then began sending more cautious messages to his followers, advising them to do their own homework… (probably at the advice of his attorney):
Why was he being so gracious with his investment tips, you ask? Ummm…. maybe because he’d just invested $750,000 in shares and warrants in the company last fall and shares can only be cashed in as the stock rises to 15 cents, 25 cents and, yes, 50 cents.
So what better way to pump up the stock price than to promote it to your 3.8 million Twitter followers? That’s what exactly what Fiddy did…. and just like that… the stock rose 240% to close at 39 cents on Monday.
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. So yeah… he made a few dollars!
The entire company’s value shot up by about $50 million.
H&H is an extremely sketchy investment and even got the dreaded “going concern” notice last March as its auditor shared 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.
Today, however, shares are down nearly 12% to 34 cents.
What, exactly, does H&H do? Bloomberg says it buys and sells women’s handbags. Other reports say the company sells sunglasses and distributes headphones.
Headphones huh? Ahhhh… now I get it!