Thursday, January 13th, 2011 at 1:03 pm
Yesterday I reported on how 50 had made 10 million dollars by hyping up a stock on twitter. Well it’s looking like that isn’t really the case. People were questioning the legalities of of hyping a “penny stock” for profit. The only thing that saved 50 from sanctions from the SEC was the fact he never sold the stock. But guess what? The stock has already plummeted back to the original price. According to Gawker:
- H&H is basically a worthless penny stock; the company imports the “Sleek by 50″ headphones that 50 Cent endorses. He owns 7.5 million shares in H&H and warrants for 22.5 million more, according to ProPublica, so his paper wealth skyrocketed after his promotional Twitter posts-”HNHI is the stock symbol … they are no joke get in now”-caused the stock to triple in value. That sounds a lot like an old fashioned “pump and dump” scheme. Except there’s no evidence that 50 Cent ever actually dumped the shares, which have since sunk back down to their worthless base price. Better luck next time, 50.