Was the Millions 50 Cent Made from Tweeting on Stock Illegal?

In Business Law, Legal News by FASHIONENTLAW™

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Interesting article on Findlaw Celebrity blog. Many, I would say, despise when the rich flaunt their wealth so callously. In 50 Cent’s case, he is very in your face about it. I mean how much flaunting does it get than his “I Get Money” and  “have a baby by me, be a millionaire” songs, right?

Such flaunting, I guess, can cause some to question the authenticity of his wealth or suggest wrong doing when he tweets to his fans about his massive wealth and business ventures. The SEC is remaining silent as to this but they are probably investigating right about now. Get caught up on the story I am referring to below:

“50 Cent is known in the industry as not only a talent musician, but also as a shrewd businessman. He is said to have made over $100 million in his partnership with Vitamin Water.

But now the rapper may be under fire for using his Twitter account to hype up the stock price of H&H Imports. “HNHI is the stock symbol for TVG there launching 15 different products. they are no joke get in now,” one tweet read. Another read, “one of the 15 products this year. If you get in technically I work for you. BIG MONEY.”

H&H is a small company in Florida that also owns TV Goods, a company that markets products in infomercials. After 50 Cent tweeted about H&H to his 4 million followers on Twitter, their stock rose 290 percent. That resulted in a potential profit of $5.2 million for 50 Cent, who owns 7.5 million shares of the company, the Rolling Stone reports. . .” Find Law Blog has the full story.

Uduak Oduok (Ms. Uduak) is a Partner and Co-Founder of Ebitu Law Group, P.C. where she handles her firm’s fashion and entertainment law practice areas. Ms. Uduak has litigated a wide variety of cases in California courts. She has also handled a variety of entertainment deals for clients including network television and licensing deals. Her work and contributions to the creative industry has been recognized by numerous organizations including the National Bar Association, and featured in prestigious legal publications in the USA: ABA Journal and The California Lawyer Magazine. She is also the author of Fashionentlaw™ and also has over two decades combined hands on industry experience in the creative industry which includes modeling, retail, fashion production, public relations, digital media, journalism and publishing. For further inquiries or if you are seeking legal representation, please email (uduak@ebitulawgrp.com). You may also follow her on twitter at @uduaklaw

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