Love him or hate him, 50 Cent is notorious for being a shrewed businessman. And nothing showcases this trait more than his latest move to bring his Twitter followers in on one of his investments. By sending out a few tweets recommending a certain stock (in which he owned shares), 50 Cent was able to push it up by $50 million in a single weekend.
The stock in question, HNHI, is owned by company TVGoods.com, one of those late-night infomercial companies. According to tweets by the rapper, he unveiled “Sleek by 50”, a set of headphones, at CES last week which will be sold by TVGoods.com.
Consumerism Commentary notes that 50 Cent didn’t disclose the fact that the stock he was pumping on Twitter was affiliated with him or his headphones until several tweets in.
It’s also interesting to note that the majority of tweets over the weekend about this investment opportunity have since been deleted from the rapper’s Twitter account. However, we were able to find a screenshot of some of them at website Thisis50.com:
He did go on to say – eventually – that the stock might not be right for everyone, and that he had a vested interest in getting more investors. Just how much of an interest? Thisis50.com found the SEC filing, which showed that 50 Cent owned 30 million shares in the company. And as each share increased by $0.29 after his weekend of tweeting, that means that 50 Cent earned about $10 million.
We’re quite certain that not a single one of his Twitter followers who invested on his recommendation made as nearly as much money. How much longer until he dumps his stock?