Rapper 50 Cent Tweets Financial Advice (HNHI)
Who would've thought the day would come when rapper Curtis Jackson, A.K.A 50 Cent, would give stock tips. Recently, 50 cent tweeted about H & H Imports (OTC: HNHI). According to his tweets, H & H Imports has "one of the 15 products this year. If you get in technically I work for you. BIG MONEY." He also added, (the) "stock went from 5cent to 10 in one day. You can double your money right now. Just get what you can afford."
According to a recent report by the Huffington Post, Jackson owns about 30 million shares of the stock. In the trading periods after his tweets, his original investment of around $750,000 increased to almost $10 million. The stock has recently pulled back, which is when 50 Cent put up his disclaimer, "HNHI is the right investment for me it may or may not be right for u! Do ur homework" and "I own HNHI stock thoughts on it are my opinion. Talk to financial advisor about it." Curiously, 50 Cent's original tweets regarding the stock have been removed. Jackson also has warrants for another 22.5 million shares at prices of $0.15, $0.25, and of course, $0.50.
According to the report, in the three months to the end of September the company was operating at a loss with cash of just $198,000 and a deficit of $3.3m. Then, on November 23, it said it would offer 180m shares to the public at a price of just 17 cents. It was at this point when Jackson started loading up his shares. Just a few weeks later, he began tweeting about the company and the stock, when the share price began to take off.
H & H Imports and Jackson are currently promoting a line of Sleek Wireless Hybrid and Tunable audio products and TV Goods. 50 Cent has recently made appearances on CNBC and at the CES to promote his latest investment.
Kevin Callahan, a spokesman for the the Securities and Exchange Commission, declined to comment on 50 Cent's self-promotion: "We never confirm or deny whether an investigation is ongoing."
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