News: 50 Cent Piggy Banks $8 Mil In Less Than 48 Hours
Tuesday, Jan 11, 2011 11:15AM
G-Unit leader 50 Cent reportedly banked over $8 million in less than 48 hours by utilizing his social networking to promote a stock company.
According to reports, 50 scooped in roughly $8.7 million for using Twitter to publicize H&H Imports.
Rapper 50 Cent made $8.7 million in paper money on Monday thanks to some tweets. The singer helped pop the shares of the penny stock of H&H Imports, in which he has a stake, by talking it up on Twitter over the weekend, the paper said. H&H owns a marketing firm called TV Goods that was founded by Kevin Harrington of ABC reality show Shark Tank fame, according to the paper. H&H stock gained 29 cents to 39 cents on Monday. That helped boost the value of the singer's stake by $8.7 million, the Post said. 50 Cent, aka Curtis Jackson, received 30 million shares of H&H in a private placement last October. In March, the firm's auditor raised questions about its ability "to continue as a going concern." (Hollywood Reporter)
Despite the sudden growth in stock, there is speculation on the company's stability.
Of course, Jackson's hype won't fix the cash-flow problems at H&H. The company lost $1.3 million last quarter on revenues of just $292,933. As of Sept. 30, the company has accumulated a deficit of $3.3 million and in March its auditor raised questions about its ability "to continue as a going concern," the company has said in financial documents. H&H closed at 39 cents yesterday, up 29 cents, boosting Jackson's 30 million-share stake by $8.7 million. (New York Post)
50 spent almost a week's time tweeting bout H&H Imports.
"I own HNHI stock thoughts on it are my opinion. Talk to financial advisor about it.," he tweeted Monday (January 10).
"HNHI is the right investment for me it may or may not be right for u! Do ur homework" (50 Cent's Twitter)
Aside from investing, 50 has been promoting Sleek brand headphones.
Ludacris and 50 Cent, two rappers, actors and entrepreneurs, unveiled their own respective lines of headphones at CES this year. Ludacris showed off a 5-model line branded Soul by Ludacris, and produced by a company called Signeo. And 50 Cent unveiled his own headphones, called Sleek by 50 Cent, which will be made by H&H Imports, a company that last year signed Hulk Hogan on as the sponsor of a line of home cleaning products called PumMax. (Los Angeles Times)
Check out some recent footage of 50 Cent down below: