Do Believe The Hype: 50 Cent’s Tweets Influence Stock Market
Yesterday, the rapper and entrepreneur made a penny stock soar by tweeting up a storm.
Public Enemy coined the phrase “don’t believe the hype” in their seminal rap song, but in the case of 50 cent’s (also known as Curtis Jackson) influential tweets, seeing is believing. Vocalizing to his 3.8 million Twitter followers, 50 Cent wrote: “HNHI is the right investment for me it may or may not be right for u! Do ur homework.” Following a series of positive tweets by the rapper all weekend, shares of H&H Imports (HNHI.OB) soared a whopping 240% yesterday. It’s no coincidence the company distributing the recently unveiled at CES Sleek by 50 Cent headphones is a publicly listed penny stock, for which the rapper is an equity investor. Looks like a few tweets has quickly paid off since this SEC filing shows that he owned 30 million shares and each one gained $.29 as of closing yesterday. That’s nearly $50 million for the company. Wow, now not only do celebrities help sell products, but apparently they help sell stocks, too.