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‘Wolf of Wall Street’ Jordan Belfort has told Sky News there’s “no way” Donald Trump is guilty of insider trading or market manipulation.

Opponents say the president has questions to answer after he said it was a “great time to buy” shares – four hours before the stock market surged on Wednesday when he paused tariffs.

Mr Belfort told Gillian Joseph the fact Mr Trump made the statement on social media meant it was public, rather than him tipping off a few people.

Tariffs latest: Trump – ‘everything will be beautiful in the end’

Speaking on The World programme, Mr Belfort said: “I personally don’t find it overly suspicious. Especially since he’s told it to everybody at once.

“If he hadn’t said anything and told five of his best friends ‘I’m gonna ease this tariff situation – you should be buying’, that would be illegal.”

Insider trading is when people take advantage of non-public information to buy or sell shares and make a gain.

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The former stockbroker was famously played by Leonardo DiCaprio in the film about his early life and admitted crimes related to stock manipulation.

Mr Belfort said Mr Trump’s post was just repeating what the president had said previously, and that buying when share prices plunge is a well-known investment move.

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Market whiplash – did Trump’s friends get richer?

“He had been saying that all along [to buy], it wasn’t the only time he’d said that,” said Mr Belfort.

“[Treasury] Secretary Bessent had been saying that too. It’s a really basic piece of advice.”

Stock markets around the world plunged dramatically on Monday due to the start of America’s wide-ranging tariffs on imports from around the world.

The world economy was rattled again just two days later when the president said nearly all of the taxes would go on hold for 90 days.

The key S&P 500 index jumped nearly 10% – a huge daily increase.

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Democrats and Republicans react to insider trading claims

Rival Democrat politicians say Mr Trump‘s encouragement to buy raises “grave ethics concerns”.

Some are calling for an urgent inquiry into whether any of his family or administration officials benefited by dealing in the stock market ahead of time.

The White House said the president’s post was simply reassuring Americans “about their economic security in the face of nonstop media fearmongering”.

Mr Belfort accused Democrat figures of trying to “earn brownie points with the media and their party”.

‘Not gonna be pretty’

Despite the mid-week surge, turbulence in stock markets appears far from over – chiefly because China and the US remain locked in a tariffs stare down.

American indexes closed down again on Thursday, Japan’s Nikkei fell about 5% early on Friday, and Hong Kong stocks are heading for their worst week since 2008.

Gold meanwhile, considered a “safe haven” asset, has climbed to a record price and earlier today passed the $3,200/oz level for the first time.

Mr Belfort told Sky News that while he was against tariffs generally, President Trump’s dramatic intervention was necessary as the US has an “insane” trade imbalance and imports far more than it exports.

“The United States has been drained of its wealth, drained of its factories,” he said.

“It’s not gonna be pretty,” added Mr Belfort. “There’s going to be pain – but the path we were on before is simply unsustainable. It had to change.”

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Trump tariffs: How have stock markets reacted

He said he was sceptical over fears the tariffs will hit US consumers hard, with some predicting goods – including popular items such as the iPhone – could jump in price if costs are passed on.

The former trader said he believes firms would shift production from China, which is subject to a tariff of more than 100%, to places such as India, and that exemptions would eventually be agreed.

He also gave the thumbs up to Elon Musk‘s controversial government efficiency role which has forced thousands of jobs cut.

Read more:
China ready for trade war and it’s unclear Trump knows what he’s taking on
Trump has blinked – but it’s not the markets that forced him to act

“I love what is being done because the amount of abuse and waste and fraud, it’s absolutely insane,” said Mr Belfort.

“It’s a great thing that’s happening. Obama talked about doing it, Clinton tried it; this is not a new idea to try to make the government more efficient.”

If Mr Musk leaves or quits in the near future, as is rumoured, Mr Belfort said the world’s richest man has installed “some very seasoned business people that really care about the country”.

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Charlie Kirk’s widow pays tribute to ‘perfect’ husband and says her cries ‘will echo around the world’

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Charlie Kirk's widow pays tribute to 'perfect' husband and says her cries 'will echo around the world'

Erika Kirk, the widow of conservative activist Charlie Kirk, described him as a “perfect” husband and father, and said the “evildoers” who assassinated him have no idea what they have unleashed.

“You have no idea of the fire that you have ignited within this wife, the cries of this widow will echo around the world like a battle cry,” she said on Friday in her first public remarks since the assassination.

“If you thought that my husband’s mission was powerful before, you have no idea, you have no idea what you just have unleashed across this entire country and this world, you have no idea.”

Erika Kirk speaks following her husband's assassination. Pic: Turning Point USA
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Erika Kirk speaks following her husband’s assassination. Pic: Turning Point USA

Mrs Kirk addressed the public after a silent prayer from the studio where her husband recorded his podcast.

She thanked President Donald Trump and vice president JD Vance and his “phenomenal” wife, Usha, for the support, and praised the emergency teams who tried to save her husband’s life.

“Charlie said if he ever ran for office, his top priority would be to revive the American family. That was his priority,” Mrs Kirk said.

“But most of all, Charlie loved his children. And he loved me. With all his heart. And he made sure I knew that every day,” she said.

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She called him a “perfect” father and husband, as she held back tears. She also talked about some of his favourite hobbies.

Read more:
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Vice president JD Vance, his wife Usha, and Erika Kirk exit Air Force Two together. Pic: Reuters
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Vice president JD Vance, his wife Usha, and Erika Kirk exit Air Force Two together. Pic: Reuters

Mrs Kirk said the campus tour that his organisation, Turning Point USA, had started will continue – and urged young people to join her late husband’s political movement.

“I promise I will never let your legacy die,” she said, addressing her husband, vowing to make his movement the “biggest thing this nation has ever seen”.

Mrs Kirk says she doesn’t remember the last time she slept, and shared a story about their daughter when she ran into her arms and asked: “Where’s daddy?”

“What do you tell a three-year-old?”

Mrs Kirk finished her remarks, speaking directly to her husband: “I can’t wait to see you again one day.”

“God bless you all, and may God bless America,” she said as she wrapped up her speech.

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UK joins NATO operation to bolster Europe’s eastern flank after Russian drone incursions into Poland

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UK joins NATO operation to bolster Europe's eastern flank after Russian drone incursions into Poland

NATO is to bolster Europe’s eastern flank, including the use of UK military resources, after Russia’s “reckless and unacceptable” violation of Polish airspace.

NATO Secretary-General Mark Rutte announced operation ‘Eastern Sentry’ on Friday, involving the deployment of equipment on the border with Belarus, Russia and Ukraine to deter potential Russian aggression.

Poland shot down Russian drones which flew over the country on Wednesday, something the military alliance has portrayed as an attempt by Moscow to test NATO’s military response.

It underlines long-held concerns about the potential expansion of Russia’s three-year war in Ukraine.

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Michael Clarke: Russia looking to frighten NATO

Russia said its drones went astray because they were jammed, but European leaders believe the incursions were a deliberate provocation by Russia.

“It’s reckless and unacceptable. We can’t have Russian drones entering allied airspace,” Mr Rutte told a news conference.

Mark Rutte described Russian drones entering Polish airspace as 'reckless'. Pic: Reuters
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Mark Rutte described Russian drones entering Polish airspace as ‘reckless’. Pic: Reuters

He added that allies, including the UK, France, Germany and Denmark, have so far committed to the mission with others set to join.

In a statement, the UK’s Ministry of Defence said: “The UK is fully committed to playing our part in NATO’s Eastern Sentry following the reckless and dangerous airspace violations by Russia”. It added that the details of the UK’s contribution would be announced soon.

Yvette Cooper visited Ukraine on Friday, her first visit to the country since becoming foreign secretary after a cabinet shake-up by Sir Keir Starmer.

Ms Cooper described her trip, which included a meeting with the country’s president, Volodymyr Zelenskyy, as a demonstration of solidarity with Ukraine.

“The UK will not stand idly by as Putin continues his barbaric invasion of Ukraine,” Ms Cooper said, noting what she said was the Russian president’s “complete disregard for sovereignty” by sending drones into NATO airspace.

Yvette Cooper met Volodymyr Zelenskyy in Kyiv on Friday. Pic: Valentyn Ogirenko/Reuters
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Yvette Cooper met Volodymyr Zelenskyy in Kyiv on Friday. Pic: Valentyn Ogirenko/Reuters

Pic: Valentyn Ogirenko/Reuters
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Pic: Valentyn Ogirenko/Reuters

Prince Harry also made a surprise visit to Kyiv on Friday, where he met with wounded service members.

NATO already has substantial forces in eastern Europe, including thousands of troops, but the alliance did not explain how many additional forces would be involved in the new operation.

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Prince Harry’s surprise visit to Ukraine

Speaking at the alliance’s Brussels headquarters, US General Alexus Grynkewich told reporters the additional resources will enable the alliance to “plug gaps in the line” and concentrate forces wherever they’re needed while improving communications across NATO’s entire eastern flank.

NATO detailed a modest number of additional military assets – including two F-16 fighter jets and a frigate from Denmark, three Rafale fighter jets from France and four Eurofighter jets from Germany.

The announcement also coincided with a joint military exercise involving thousands of Russian and Belarusian troops, which began on Friday.

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Meanwhile, new measures were announced by the UK against Russia on Friday.

They included bans on 70 vessels the UK says are part of Russia’s “shadow fleet” that transports Russian oil in defiance of sanctions.

Some 30 individuals and companies – including Chinese and Turkey-based firms – were also sanctioned for their part in supplying Russia with electronics, chemicals, explosives and other weapons components.

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Read more from Sky News:
Ukraine war ‘is escalating’
Analysis: How should NATO react?
Putin is testing the West

Donald Tusk, the Polish prime minister, dismissed Donald Trump’s suggestion that the drone incursion into Poland may have been “a mistake”.

“We would also wish that the drone attack on Poland was a mistake,” Mr Tusk wrote on X. “But it wasn’t. And we know it.”

US-led efforts to steer Moscow and Kyiv toward a peace settlement have so far failed to progress.

Kremlin spokesperson Dmitry Peskov said talks to end the war were currently on “pause” even though channels of communication remain open.

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Russia-Belarus drills begin as tensions high after drone incursion in Poland

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Russia-Belarus drills begin as tensions high after drone incursion in Poland

Thousands of troops are taking part in a joint military exercise between Russia and Belarus, as tensions with the EU run high following a Russian drone incursion into Polish airspace earlier this week.

The Zapad joint military exercise which began on Friday will involve drills in both Russia and Belarus as well as in the Baltic and Barents seas, the Russian defence ministry said.

Belarusian defence officials initially said about 13,000 troops would participate in the drill, but in May, its defence ministry said that would be cut nearly in half.

It comes just two days after Poland, with support from its NATO allies, shot down Russian drones over its airspace.

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Poland’s Prime Minister Donald Tusk on Friday morning hit back at a suggestion by US President Donald Trump on Thursday that the incursion may have been a “mistake”.

He said in a post on X: “We would also wish that the drone attack on Poland was a mistake. But it wasn’t. And we know it.”

Russia said its forces had been attacking Ukraine at the time of the incursions and that it had not intended to hit any targets in Poland.

Friday also saw Foreign Secretary Yvette Cooper travelling to Ukraine’s capital of Kyiv on the same day the UK announced fresh sanctions against Moscow.

Prince Harry was also in Kyiv for a surprise visit to help with the recovery of military personnel seriously injured in the three-year war with Russia.

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Prince Harry arrives in Kyiv

Ms Cooper, who was appointed foreign secretary last week, posted about her visit on X saying: “The UK’s support for Ukraine is steadfast. I am pleased to be in Kyiv on my first visit as Foreign Secretary.”

The UK’s new sanctions include bans on 70 vessels that Britain says are part of Russia’s “shadow fleet” that transports Russian oil in defiance of sanctions already in place.

Yvette Cooper with Volodymyr Zelenskyy in Kyiv. Pic: Valentyn Ogirenko/PA
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Yvette Cooper with Volodymyr Zelenskyy in Kyiv. Pic: Valentyn Ogirenko/PA

Some 30 individuals and companies – including Chinese and Turkey-based firms – have also been sanctioned for their part in supplying Russia with electronics, chemicals, explosives and other weapons components.

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Maps and videos show seconds before Charlie Kirk was shot
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Meanwhile on the frontline, Ukrainian drones struck Russia’s oil-loading Primorsk port overnight, an SBU official said.

The attack caused fires and suspended oil-loading operations, the official added.

Russian defence systems also intercepted and destroyed 221 Ukrainian drones overnight.

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