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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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Donald Trump sending ‘top of the line’ weapons to support NATO in Ukraine war

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Donald Trump sending 'top of the line' weapons to support NATO in Ukraine war

Donald Trump has agreed to send “top of the line weapons” to NATO to support Ukraine – and threatened Russia with “severe” tariffs if it doesn’t agree to end the war.

Speaking with NATO secretary-general Mark Rutte during a meeting at the White House, the US president said: “We’ve made a deal today where we are going to be sending them weapons, and they’re going to be paying for them.

“This is billions of dollars worth of military equipment which is going to be purchased from the United States, going to NATO, and that’s going to be quickly distributed to the battlefield.”

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Donald Trump and NATO secretary general Mark Rutte in the White House. Pic: Reuters
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Pic: Reuters

Weapons being sent include surface-to-air Patriot missile systems and batteries, which Ukraine has asked for to defend itself from Russian air strikes.

Mr Trump also said he was “very unhappy” with Russia, and threatened “severe tariffs” of “about 100%” if there isn’t a deal to end the war in Ukraine within 50 days.

The White House added that the US would put “secondary sanctions” on countries that buy oil from Russia if an agreement was not reached.

Later on Monday, Ukrainian leader Volodymyr Zelenskyy thanked Mr Trump and said he was “grateful” for the US president’s “readiness to help protect our people’s lives”.

Analysis: Will Trump’s shift in tone make a difference?

As ever, there is confusion and key questions are left unanswered, but Donald Trump’s announcement on Ukraine and Russia today remains hugely significant.

His shift in tone and policy on Ukraine is stark. And his shift in tone (and perhaps policy) on Russia is huge.

Read Mark’s analysis here.

After criticising Vladimir Putin’s “desire to drag it out”, he said he appreciated “preparing a new decision on Patriots for Ukraine” – and added Kyiv is “working on major defence agreements with America”.

It comes after weeks of frustration from Mr Trump over Mr Putin’s refusal to agree to an end to the conflict, with the Russian leader telling the US president he would “not back down” from Moscow’s goals in Ukraine at the start of the month.

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Trump threatens Russia with ‘severe’ tariffs’

During the briefing on Monday, Mr Trump said he had held calls with Mr Putin where he would think “that was a nice phone call”, but then “missiles are launched into Kyiv or some other city, and that happens three or four times”.

“I don’t want to say he’s an assassin, but he’s a tough guy,” he added.

Earlier this year, Mr Trump told Mr Zelenskyy “you’re gambling with World War Three” in a fiery White House meeting, and suggested Ukraine started the war against Russia as he sought to negotiate an end to the conflict.

After Mr Trump’s briefing, Russian senator Konstantin Kosachev said on Telegram: “If this is all that Trump had in mind to say about Ukraine today, then all the steam has gone out.”

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Meanwhile, Mr Zelenskyy met with US special envoy Keith Kellogg in Kyiv, where they “discussed the path to peace” by “strengthening Ukraine’s air defence, joint production, and procurement of defence weapons in collaboration with Europe”.

He thanked both the envoy for the visit and Mr Trump “for the important signals of support and the positive decisions for both our countries”.

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Trump is clearly fed up with Putin – but will his shift in tone force Russia to the negotiating table?

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Trump is clearly fed up with Putin - but will his shift in tone force Russia to the negotiating table?

As ever, there is confusion and key questions are left unanswered, but Donald Trump’s announcement on Ukraine and Russia today remains hugely significant.

His shift in tone and policy on Ukraine is stark. And his shift in tone (and perhaps policy) on Russia is huge.

Ever since Mr Trump returned to the White House he has flatly refused to side with Ukraine over the Russian invasion.

He has variously blamed Ukraine for the invasion and blamed Joe Biden for the invasion, but has never been willing to accept that Russia is the aggressor and that Ukraine has a legitimate right to defend itself.

Today, all that changed. In a clear signal that he is fed up with Vladimir Putin and now fully recognises the need to help Ukraine defend itself, he announced the US will dramatically increase weapons supplies to Kyiv.

Donald Trump meets with NATO Secretary General Mark Rutte in the White House. Pic: Reuters
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Pic: Reuters

But, in keeping with his transactional nature and in a reflection of the need to keep his isolationist “America-First” base on side, he has framed this policy shift as a multi-billion dollar “deal” in which America gains financially.

American weapons are to be “sold” to NATO partners in Europe who will then either transfer them to Ukraine or use them to bolster their own stockpiles as they transfer their own existing stocks to Kyiv.

“We’ve made a deal today,” the president said in the Oval Office. “We are going to be sending them weapons, and they are paying for them. We are manufacturing, they are going to be paying for it. Our meeting last month was very successful… these are wealthy nations.”

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What will Trump’s weapons deal mean for Ukraine?

This appears to be a clever framing of the “deal”. Firstly, America has always benefited financially by supplying weapons to Ukraine because much of the investment has been in American factories, American jobs and American supply chains.

While the details are not entirely clear, the difference now appears to be that the weapons would be bought by the Europeans or by NATO as an alliance.

The Americans are the biggest contributor to NATO, and so if the alliance is buying the weapons, America too will be paying, in part, for the weapons it is selling.

However, if the weapons are being bought by individual NATO members to replenish their own stocks, then it may be the case that the US is not paying.

NATO officials referred all questions on this issue to the White House, which has not yet provided clarity to Sky News.

It is also not yet clear what type of weapons will be made available and whether it will include offensive, as well defensive, munitions.

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Will Trump’s deal make a difference?

A key element of the package will likely be Patriot missile batteries, 10 to 15 of which are believed to be currently in Europe.

Under this deal, it is understood that some of them will be added to the six or so batteries believed to be presently in Ukraine. New ones would then be purchased from US manufacturers to backfill European stocks. A similar arrangement may be used for other weapons.

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The president also issued the Russian leader with an ultimatum, saying that Putin had 50 days to make a peace deal or else face 100% “secondary tariffs”. It’s thought this refers to a plan to tariff, or sanction, third countries that supply Russia with weapons and buy Russian oil.

This, the Americans hope, will force those countries to apply pressure on Russia.

But the 50-day kicking of the can down the road also gives Russia space to prevaricate. So, a few words of caution: first, the Russians are masters of prevarication. Second, Trump tends to let deadlines slip. And third, we all know Trump can flip-flop on his position repeatedly.

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‘Trump sides with the Ukrainian cause’

Maybe the most revealing aspect of all this came when a reporter asked Mr Trump: “How far are you willing to go if Putin sends more bombs in the coming days?”

“Don’t ask me questions like that…”

Mr Trump doesn’t really know what to do if Mr Putin continues to take him for a ride.

Mr Biden, before him, supplied Ukraine with the weapons to continue fighting.

If Mr Trump wants to end this, he may need to provide Ukraine with enough weapons to win.

But that would prolong, or even escalate, a war he wants to end now.

There’s the predicament.

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‘Disgusting’ antisemitic and racist messages posted on Elmo’s X page by hacker

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'Disgusting' antisemitic and racist messages posted on Elmo's X page by hacker

An X account for the Sesame Street character Elmo has been targeted by an unknown hacker who posted antisemitic and racist messages.

The profile is followed by more than 650,000 users on the social network – and usually posts upbeat and motivational updates.

Sunday’s messages, which have since been deleted, called for violence against Jews, insulted Donald Trump, and referred to alleged files related to Jeffrey Epstein.

In a statement, Sesame Workshop said the X account has now been secured – and described the posts uploaded to Elmo’s page as “disgusting”.

This is the latest controversy to befall Elon Musk’s platform in recent days.

Last week, X’s AI chatbot Grok also produced content with antisemitic tropes, which were later removed and denounced as “inappropriate”.

Musk purchased the website, formerly known as Twitter, back in 2022 – with extremist content increasing against a backdrop of less moderation.

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The Anti-Defamation League, a US organisation that fights antisemitism, said: “It’s appalling that Elmo’s official account, known for spreading kindness, was hacked solely to spread violent antisemitism.”

“Antisemitism on social media fosters the normalisation of anti-Jewish hate online and offline – and contributes to an increasingly threatening environment for Jewish people everywhere.”

Elmo’s account has not posted since the hack.

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