Following yesterday’s meteoric 240 percent rise on the back of a Twitter endorsement from rapper 50 Cent, shares of penny-ante marketing company H & H Imports opened substantially lower this morning and were lately down 18 percent at 32 cents. Looks like some investors decided it was time to take some profits after that huge ramp-up; it’s what a responsible investor would do.
By the New York Post’s reckoning, yesterday’s trading netted the entertainment mogul somewhere in the neighborhood of $8.7 million.
Meanwhile, 50 Cent remains on Twitter, encouraging his millions of followers to continue the conversation he’s started. “I only want entrepreneurs on my time line. We gonna talk money trade ideas and make it big,” he tweets. Looks like he’s taking a page out of the Stockpickr or StockTwits playbook.
He’s also getting a little more defiant, retweeting one fan’s comment: “those who dont take your ventures serious are silly haters & must be poor business people.” This is a departure from last night’s broadcast, during which he urged investor caution.
We’re still a little concerned about the fate of H & H Imports, which has been losing money since it started doing business. We put in a call to H & H for comment, whereupon a secretary told The Observer “Everyone’s in a meeting right now. Things are a little crazy.” We will, of course, update when we hear more.
mtaylor [at] observer.com | @mbrookstaylor