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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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Marjorie Taylor Greene says she’s received threats over Trump feud

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Marjorie Taylor Greene says she's received threats over Trump feud

Republican congresswoman Marjorie Taylor Greene says she’s facing threats following a barrage of personal criticism from US President Donald Trump on social media.

The former MAGA ally posted on X, saying she had been contacted by private security firms “with warnings for my safety as a hotbed of threats against me are being fueled and egged on by the most powerful man in the world”.

She went on: “As a woman, I take threats from men seriously.

“I now have a small understanding of the fear and pressure the women, who are victims of Jeffrey Epstein and his cabal, must feel.

“As a Republican, who overwhelmingly votes for President Trump’s bills and agenda, his aggression against me, which also fuels the venomous nature of his radical internet trolls (many of whom are paid), this is completely shocking to everyone.”

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‘MAGA meltdown going on because of Epstein’

Calling her “wacky,” a “RINO” (Republican In Name Only) and swapping her surname from Greene to “Brown” (“Green grass turns Brown when it begins to ROT!”), Donald Trump rescinded his support for the Georgia representative and suggested he could back a primary challenger against her.

Ms Greene claims the president’s “aggressive rhetoric” is in retaliation for her support for releasing files about disgraced paedophile financier Jeffrey Epstein.

After the US government shutdown ended, a petition to vote on the full release of the files about Epstein received enough signatures – including that of Ms Greene – to bring it to a vote in the House of Representatives.

Ms Greene claimed text messages she sent to Mr Trump over the Epstein files “sent him over the edge,” writing on social media: “Of course he’s coming after me hard to make an example to scare all the other Republicans before next week’s vote to release the Epstein files.”

She went on: “It’s astonishing really, how hard he’s fighting to stop the Epstein files from coming out that he actually goes to this level.”

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Trump rebukes MAGA ally over foreign policy

High-profile figures, including Mr Trump, have been referenced in some of the documents.

The White House has said the “selectively leaked emails” were an attempt to “create a fake narrative to smear President Trump”, who has consistently denied any involvement or knowledge about Epstein’s sex trafficking operation.

Mr Trump has called the Epstein files a “hoax” created by the Democrats to “deflect” from the shutdown.

Watch Sky’s Martha Kelner clash with Taylor Greene earlier this year…

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Marjorie Taylor Greene clashes with Sky correspondent

In another post on X, Ms Greene wrote: “I never thought that fighting to release the Epstein files, defending women who were victims of rape, and fighting to expose the web of rich powerful elites would have caused this, but here we are.

“And it truly speaks for itself. There needs to be a new way forward.”

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The new Epstein files: The key takeaways

Read more on Jeffrey Epstein:
Ghislaine Maxwell ‘wants Trump to commute sentence’
What Epstein’s right-hand woman said about Trump and Andrew

Epstein took his own life in prison in 2019 while awaiting a trial for sex trafficking charges and was accused of running a “vast network” of underage girls for sex. He pleaded not guilty.

Following a conviction for soliciting prostitution from a minor in 2008, he was registered as a sex offender.

Mr Trump has consistently denied knowledge of Epstein’s crimes.

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Donald Trump confirms he will sue the BBC over Panorama edit – despite broadcaster’s apology

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Donald Trump confirms he will sue the BBC over Panorama edit - despite broadcaster's apology

Donald Trump has said he will sue the BBC for between $1bn and $5bn over the editing of his speech on Panorama.

The US president confirmed he would be taking legal action against the broadcaster while on Air Force One overnight on Saturday.

“We’ll sue them. We’ll sue them for anywhere between a billion (£792m) and five billion dollars (£3.79bn), probably sometime next week,” he told reporters.

“We have to do it, they’ve even admitted that they cheated. Not that they couldn’t have not done that. They cheated. They changed the words coming out of my mouth.”

Mr Trump then told reporters he would discuss the matter with Prime Minister Sir Keir Starmer over the weekend, and claimed “the people of the UK are very angry about what happened… because it shows the BBC is fake news”.

Separately, Mr Trump told GB News: “I’m not looking to get into lawsuits, but I think I have an obligation to do it.

“This was so egregious. If you don’t do it, you don’t stop it from happening again with other people.”

More on Bbc

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BBC crisis: How did it happen?

The Daily Telegraph reported earlier this month that an internal memo raised concerns about the BBC’s editing of a speech made by Mr Trump on 6 January 2021, just before a mob rioted at the US Capitol building, on the news programme.

The concerns regard clips spliced together from sections of the president’s speech to make it appear he told supporters he was going to walk to the US Capitol with them to “fight like hell” in the documentary Trump: A Second Chance?, which was broadcast by the BBC the week before last year’s US election.

Following a backlash, both BBC director-general Tim Davie and BBC News chief executive Deborah Turness resigned from their roles.

‘No basis for defamation claim’

On Thursday, the broadcaster officially apologised to the president and added that it was an “error of judgement” and the programme will “not be broadcast again in this form on any BBC platforms”.

A spokesperson said that “the BBC sincerely regrets the manner in which the video clip was edited,” but they also added that “we strongly disagree there is a basis for a defamation claim”.

Earlier this week, Mr Trump’s lawyers threatened to sue the BBC for $1bn unless it apologised, retracted the clip, and compensated him.

The US president said he would sue the broadcaster for between $1bn and $5bn. File pic: PA
Image:
The US president said he would sue the broadcaster for between $1bn and $5bn. File pic: PA

Legal challenges

But legal experts have said that Mr Trump would face challenges taking the case to court in the UK or the US.

The deadline to bring the case to UK courts, where defamation damages rarely exceed £100,000 ($132,000), has already expired because the documentary aired in October 2024, which is more than one year.

Also because the documentary was not shown in the US, it would be hard to show that Americans thought less of the president because of a programme they could not watch.

Read more from Sky News:
Key findings in 20,000 pages of documents in the Epstein files

Banksy art theft lands burglar with 13-month prison sentence

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Sky’s Katie Spencer on what BBC bosses told staff on call over Trump row

Newsnight allegations

The BBC has said it was looking into fresh allegations, published in The Telegraph, that its Newsnight show also selectively edited footage of the same speech in a report broadcast in June 2022.

A BBC spokesperson said: “The BBC holds itself to the highest editorial standards. This matter has been brought to our attention and we are now looking into it.”

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Trump to push ahead with BBC lawsuit: Three experts on why he might struggle to win

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Trump to push ahead with BBC lawsuit: Three experts on why he might struggle to win

Donald Trump has confirmed he plans to sue the BBC for between $1bn and $5bn over the editing of his speech in a Panorama news programme.

The corporation said it was an “error of judgement” to splice two sections of his speech together, and the programme will “not be broadcast again in this form on any BBC platforms”.

“We have to do it, they’ve even admitted that they cheated,” the US president told reporters overnight on Saturday.

“Not that they couldn’t have not done that. They cheated. They changed the words coming out of my mouth.”

However, the lawsuit will not be easy, according to three experts who have spoken to Sky News.

“Filing a lawsuit is easy,” said Mark Stevens, media law solicitor at Howard Kennedy, to Sky presenter Samantha Washington.

“Winning one is, in this case, like trying to lasso a tornado: technically possible, but you’re going to need more than a cowboy hat.”

So why would this case be so hard to win?

Where did the damage occur?

The Panorama episode was not aired in the US, which may make Mr Trump’s case harder.

“For a libel claim to succeed, harm must occur where the case is brought,” said Mr Stevens.

“It’s hard to argue [for] that reputational damage in a jurisdiction where the content wasn’t aired.”

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BBC crisis: How did it happen?

The president will also have to show that his reputation suffered actual harm.

“But his reputation was pretty damaged on this issue before,” said Mr Stevens.

“There have been judicial findings, congressional hearings, global media coverage around 6 January. Laying that responsibility for any further harm at the door of the BBC seems pretty tenuous.”

Was the mistake malicious?

In order to sue someone for libel in the US, you have to prove they did it on purpose – or with ‘malicious intent’.

That might be hard to prove, according to Alan Rusbridger, editor of Prospect magazine and former editor-in-chief of the Guardian.

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‘Trump suing BBC is just noise and bluster’

“I just don’t think that he can do that,” he said.

Since 1964, US public officials have had to prove that what was said against them was made with “knowledge that it was false or with reckless disregard for the truth”.

“The reason for that, when the Supreme Court passed this in 1964, is the chilling effect on journalism,” said Mr Rusbridger.

“If a journalist makes a mistake, [and] this clearly was a mistake, if that ends up with their employers having to pay $1bn, $2bn, $3bn, that would be a dreadful chill on journalism.

“Unless Trump can prove that whoever this was who was editing this film did it with malice, the case is open and shut.”

Read more US news:
‘Earthquake in Team MAGA’ as Trump ally turns enemy
Prison staff fired after leaking Maxwell’s emails, says lawyer

Is he suing for too much money?

Mr Trump says he’s going to sue for between $1bn and $5bn, figures former BBC legal correspondent Clive Coleman described as “very fanciful”.

“That, I think, is very fanciful because he will have to show that he has suffered billions of dollars worth of reputational damage.

“We know that this was back in 2020 when the speech was made. He went on to be successful in business and, of course, to be re-elected as US president.”

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‘Trump faces some really big hurdles’ in suing BBC

However, Mr Coleman did suggest the BBC should try to “bring this to an end as speedily as possible”.

“Litigation is always a commercial decision and it’s a reputational decision,” he said.

“The legal processes towards a court case are long and arduous and this is going to blow up in the news pretty regularly between now and then.”

Other news organisations facing litigation by Mr Trump have settled out of court for “sums like $15m, $16m”, according to Mr Coleman.

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