‘Wolf of Wall Street’ Jordan Belfort breaks silence on Trump’s tariffs
‘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.
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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.
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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“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.
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“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”.
Donald Trump has waded into the debate surrounding Sydney Sweeney’s jeans ad.
The American Eagle ad, which features the 27-year-old actress, who starred in the HBO series Euphoria and White Lotus, has the tagline “Sydney Sweeney has great jeans”.
It has sparked a debate in the US over race and Western beauty standards.
One of the Sydney Sweeney jeans ads. Pic: AP
In a Truth Social post, the US president described it as the “hottest ad out there”.
Hailing Sweeney as a “registered Republican”, he said the jeans are “flying off the shelves”, adding: “Go get ’em Sydney!”
Most of the criticism of the ad has centred on videos using the word “genes” instead of “jeans”, with one in which Sweeney says: “Genes are passed down from parents to offspring, often determining traits like hair colour, personality and even eye colour. My jeans are blue.”
Critics argued the play on words potentially promotes eugenics, a discredited theory that believed humanity could be improved through the selective breeding of certain traits.
But others have defended the ad, saying the critics are reading too much into its message.
The video appeared on American Eagle’s Facebook page and other social media channels, but is not part of the ad campaign.
In a statement on Instagram on Friday, American Eagle Outfitters said the campaign “is and always was about the jeans. Her jeans. Her story. We’ll continue to celebrate how everyone wears their AE jeans with confidence, their way. Great jeans look good on everyone.”
Stocks in American Eagle Outfitters jumped by 23.3% after Mr Trump’s intervention.
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In his Truth Social post, which he reposted three times to fix various typos, Mr Trump compared the ad with “woke” ones “on the other side of the ledger” – as he criticised other companies, as well as hitting out at Taylor Swift.
“The tide has seriously turned – Being WOKE is for losers, being Republican is what you want to be,” he wrote.
Sky News has contacted Sweeney’s agent for comment.
Police in Tennessee have discovered 14 improvised explosive devices in a man’s home as they were arresting him, the local sheriff’s office said.
Officers were executing a warrant in the home of Kevin Wade O’Neal in Old Fort, about 45 miles (70km) east of Chattanooga, after he had threatened to kill public officials and law enforcement personnel in Polk County.
After arresting the 54-year-old, officers noticed “something smouldering” in the bedroom where he was found.
Kevin Wade O’Neal. Pic: Polk County Sheriff’s Office
On closer inspection, they discovered an improvised explosive device and evacuated the house until bomb squad officers arrived at the scene.
Fourteen devices were found inside the property – none of which detonated.
Improvised explosive devices were found in Kevin Wade O’Neal’s home. Pic: Polk County Sheriff’s Office
Kevin Wade O’Neal’s home in Old Fort, Tennessee. Pic: Polk County Sheriff’s Office
O’Neal was charged with 11 counts of attempted first-degree murder, corresponding to nine officers and two other people inside the property when the suspect tried to detonate the devices.
He also faces 14 counts of prohibited weapons and one count of possession of explosive components.
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O’Neal is being held at the Polk County jail and his bond is yet to be determined.
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