50 Cent Pumps Stock on Twitter, Makes Headphone Company $50M in One Day
Posted in: Miscellaneous Tech, Today's Chili, twitter
It wasn’t just Ludacris and T-Pain at CES who were plugging their endorsed audio products, rapper 50 Cent was there promoting his new brand of headphones as well. But the TV appearances and interviews were not enough for 50 Cent, who then took to the Twitter waves to make a bigger splash for distributing company H&H Imports Inc. As exemplified in the photo above, 50 Cent plugged H&H Imports Inc., a publicly listed penny stock (HNHI), all weekend on Twitter.
According to BusinessInsider, the company’s stock ended up closing up at 240 percent because of this, increasing the company’s value by $50 million in one day. But was that illegal? The Federal Trade Commission has a law that insists that celebrities must include the word “ad” or “spon” in their Tweets to indicate they’re advertising something on behalf of a sponsor.
It seems that 50 Cent removed the tweets, perhaps because he got a slap on the wrist since he didn’t disclose his affiliation with the company.
Post a Comment