50 Cent Stock Drops 36% After Rapper Stops Tweets
NEW YORK - Shares of H&H Imports, in which 50 Cent has a stake, gained on Monday after the rapper promoted the company via Twitter. But the stock fell Tuesday and Wednesday after 48 hours without tweets from the music star, the New York Post reported.
Over the course of two days, shares of H&H, already a penny stock, fell 36 percent to 25 cents.
That was a reversal of momentum from a big jump on Monday that had pushed the stock up from 10 cents to 39 cents, making 50 Cent about $8.7 million in paper money.
50 Cent’s final tweet to-date on the stock came late Monday, according to the Post. Citing its ticker symbol, he wrote: "HNHI is the right investment for me it may or may not be right for u! Do ur homework."
The singer owns warrants and shares of H&H and is a director of Sleek Audio, a headset maker that has a marketing deal with H&H unit TV Goods. The company was founded by reality TV star Kevin Harrington of ABC’s Shark Tank fame.