50 Cent millions
Rapper nets $8.7M on tweet feat
Rapper 50 Cent made $8.7 million yesterday -- by tweeting.
The 35-year-old celeb, aka Curtis Jackson, helped pop the shares of a no-name penny stock company he's invested in by 290 percent yesterday after chatting it up this weekend on Twitter, the social-networking site.
"You can double your money right now. Just get what you can afford," Jackson tweeted about H&H Imports, a money-losing venture out of Clearwater, Fla., that owns TV Goods, a marketing firm recently founded by Kevin Harrington.
Harrington is best known for his role on ABC's reality show "Shark Tank," which lets entrepreneurs pitch their ideas to potential backers.
"They are no joke get in now," Jackson told his 3.8 million Twitter followers about TV Goods, which Harrington founded in 2009. It merged with H&H in May.
Jackson received 30 million shares of H&H in a private placement last October, including a series of warrants granting him the opportunity to cash in as the stock rises: at 15 cents, 25 cents or -- no kidding -- 50 cents.
For some of the warrants, he only has to put up 10 cents a share, according to a recent regulatory filing.
Earlier this month, Jackson also "personally endorsed" a line of mobile audio products TV Goods had gained marketing rights to that are made by another Florida company, Sleek Audio, H&H said. Jackson talked up the headphones when he appeared on TV last week from the Consumer Electronics Show in Las Vegas.
Jackson's reps didn't return a request for comment.
Of course, Jackson's hype won't fix the cash-flow problems at H&H. The company lost $1.3 million last quarter on revenues of just $292,933. As of Sept. 30, the company has accumulated a deficit of $3.3 million and in March its auditor raised questions about its ability "to continue as a going concern," the company has said in financial documents.
H&H closed at 39 cents yesterday, up 29 cents, boosting Jackson's 30 million-share stake by $8.7 million.
Read more: http://www.nypost.com/p/news/business/cent_millions_y5r6uquXPHX43R2NCWX6MN#ixzz1AmhNQ3e5
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