50 Cent May Face SEC Investigation for Stock Tweets
50 Cent may see himself in front of the Security Exchange Commission (SEC) over some stock advice he gave out to his 3.8 million twitter followers.
As previously reported, the hip-hop mogul earned close to $8.7 million in his latest investment, H&H Imports, which owns TV Goods—the company that owns the marketing rights to the Queens rapper’s Sleek by 50 Cent headphones. Many believe the interest was generated by Fif’s tweets. ““You can double your money right now. Just get what you can afford” and “They are no joke get in now.”
According to the New York Post, 50′s involvement helped the HNHI stock jump from $0.10 per share at the market’s opening yesterday to $0.39 per share when it closed; the spike translated to an $8.7 million earning for Fif, who owns 30 million shares.
“There are very strict guidelines as to what a person can do in terms of possibly manipulating the value of a stock,” financial expert and 60-Minute Money Workout author Ellie Kay told FOX411. “I don’t think it would be a huge surprise to anyone if 50 Cent were investigated for what he did.”
“We can neither confirm nor deny” an investigation is taking place, a SEC rep told Fox News. 50 Cent has yet to comment on the situation, but his tweets in question have been removed. They have been replaced with this: “HNHI is the right investment for me it may or may not be right for u! Do ur homework,” as well as, “I own HNHI stock thoughts on it are my opinion. Talk to financial advisor about it.” —Elan Mancini