50 Cent Claims Credit For 350% Stock Increase
UPDATE: Fox reports 50 Cent's stock market tweets may have been an SEC violation.
On Friday, January 7, H&H Imports was being traded at $.10 per share. As of 5:30 pm EST, The Wall Street Journal lists H&H Imports as being traded for $.39 per share. So what happened with the burgeoning tech company over the weekend to make the stock price jump? One of their newest investors, 50 Cent, cites his involvement as the reason for the increase. During the Consumer Electronics Show, 50 personally endorsed the Sleek by 50 wireless headphones and Gunnar Optiks 3D glasses.
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Shortly after the Sleek endorsement, 50 announced that he bought into the headphone’s parent company H&H Imports. A press release proclaimed that 50 Cent through G-Unit, made an equity investment in H&H Imports, which makes him a significant minority shareholder. The investment also provided a clause for 50 to be offered a seat on the board of the company at a later date.
After the news hit the Internet, 50 took to his Twitter feed to advice people to invest while the stock was still on the rise. The situation has some similarities to 50’s investment in Glaceau. The company was subsequently bought by Coca-Cola, and 50 Cent made what many analysts estimate as anywhere from $100 to $400 million from his initial investment. The tweets stating any investment would double mysteriously disappeared, most likely due to the unpredictable nature of stocks. Later 50 warned his followers to talk to their financial advisors before making any investments.
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UPDATE (01/13): Wednesday, America’s self-proclaimed “family financial expert,” Ellie Kay, told Fox 411 she didn’t think it would be a surprise if 50 Cent was investigated by the Securities Exchange Commission for telling his Twitter followers they could potentially double their money by investing in H&H Imports.
Kay routinely appears on news outlets such as “ABC News Now” to give out financial advice, and she believes 50’s Twitter endorsement of H&H may have raised a few eyebrows.
“There are very strict guidelines as to what a person can do in terms of possibly manipulating the value of a stock,” Kay told Fox 411. After 50’s initial series of H&H endorsements, the stock price rose from $.10 to $.39 per share. As of Thursday morning, the stock has evened out to $.26 per share. Kay added that the potential of an SEC investigation might have caused 50 to back off of his initial recommendations.
“I think that 50 Cent probably has more attorneys than I have Facebook friends,” Kay added. “I would not be surprised if his legal counsel advised him to revise his Tweets.”