50 Cent May Face SEC Investigation Over Twitter Stock Tips
Rap mogul 50 Cent may find himself the subject of a Security Exchange Commission (SEC) investigation over stock tips he gave out on Twitter.
As recently reported, 50 made $8.7 million on Monday reportedly thanks to some tweets that he sent out to his 3.8 million followers, encouraging them to by stock in H&H imports, a company in which he has a stake. H&H Imports owns TV Goods—the company that owns the marketing rights to the Queens rapper’s Sleek by 50 Cent headphones.
The G-Unit CEO, who owns 30 million shares in H&H, reportedly helped pop the shares of the penny stock of H&H Imports, from .10 cents to .39 cents a share, earning himself $8.7 million in the process, according to the New York Post.
“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.”
According to an SEC rep, “we can neither confirm nor deny” an investigation into the Queens rapper’s stock tactics is taking place.
50 Cent has remained quiet on the situation, but the tweets in question have been removed and replaced with this:
“HNHI is the right investment for me it may or may not be right for u! Do ur homework.”
“I own HNHI stock thoughts on it are my opinion. Talk to financial advisor about it.”