The guy is irresistible. He’s so eccentric that there’s a twitter account which literally translates his tweets for lay people. Awesome.
So last weekend when 50 Cent used his Twitter account to hype up penny stocks, most didn’t think much of it other than a hustler hustling.
Well it turns out that sales of the penny stock increased by 290% following 50 Cent’s endorsement. That netted the rapper a paper profit of almost $5.2 million who owns 7.5 million shares in the company. Some have accused 50 Cent of engaging in a “pump and dump” strategy intended to artificially increase the value of the company for its shareholders’ short-term gain.
The rapper has thus far avoided violating laws against “pump and dump” schemes by not yet selling his stock in the company….
…He was responsible enough to add a few caveats regarding the stock after encouraging his fans to invest.
Tweets such as “Do ur homework” and “Talk to financial advisor” may be a bit skimpy in terms of offering a full disclaimer, but may be enough to keep the SEC off his back if they decide to take an interest in the case. (via RollingStone)