In just one day, 50 Cent'spromotion of the publicly traded H&H Imports, Inc. raised the company'sstock price from .10 to .39 per share.
The G-Unit head urged his 3.8million Twitter followers to invest in the company. "TVG's stock went from 5cent to 10 in one day," 50wrote about the subsidiary of H&H. "You can double your money rightnow. Just get what you can afford."50's fans respondedimmediately, purchasing $50 million worth of the penny stocks. The New York rapper made$8.7 million from those exchanges.
Last October, 50 Centreceived 30 million H&H shares in a private placement, the NewYork Post reported. Just days before encouraging his followers to purchasethe stock, he premiered a joint effort with TV Goods, Inc., a set of headphonescalled Sleek By 50.
Using his influence togenerate so much activity for a company in which he owned stock prompted someexperts to speculate whether or not he may have violated insider trader laws.
Jonathan Macey, a professorof securities at Yale Law School,does not believe 50 Cent did anything wrong. "How can they call it a take if hedidn't sell his stock?" Macey said in an interview with Esquire."All he said was that it's a great company."
Let's hope Macey is right.But to be safe, 50 has since deleted from his Twitter page all of the messages.
Jay-Z, another one ofhip-hop's most successful entrepreneurs, also revealed new business venturethis week. The "Empire State Of Mind" rapper invested in BuffaloBoss, a chicken-wing restaurant co-owned by his cousin, Jamar White. Locatedin Brooklyn, the eatery specializes in theorganic and spicy appetizers.
Wow. We must say, this is,hands down, the most impactful week in music all year. Let's hope new week willbe able to live up to the hype. See you then.
THIS WEEK'S TOP 5 MUSIC NEWS STORIES
1) DedicatedFollowers - 50 Cent fanspurchases $50 million in stock
2) BurdenOf Proof - Michael Jackson doctorhead to trail
3) DamageControl - Drowning Pooldevastated song connected with Arizonashooting
4) Hold'Em To It - Bellamy Brothersaccuse Britney of stealing their lyrics
5) BundleOf Joy -- Jewel and husband announce pregnancy
Follow Yahoo! Music:
- Arts & Entertainment
- 50 Cent