‘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.
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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“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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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”.
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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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.
“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”.
It was in the evening that the bombing started to intensify.
Salah Jundia, his father and brothers huddled together in their home in Shujaiyya, just east of Gaza City, trying to work out what to do.
It was too risky for them to leave at night. There were a lot of them too. Extended family living across four storeys. They decided they would wait until after dawn prayers.
The explosion tore through the building just before 5am, collapsing one storey on to the next.
Image: The aftermath of Israel’s bombing campaign in Shujaiyya, just east of Gaza City
Image: Salah Jundia
Jundia says he survived because pieces of bedroom furniture fell on top of him.
Then he looked for his father and brothers.
“I found one of them calling for help. I removed the rubble covering him with my hands. Then I saw another brother covered in rubble but he was dead,” he told Sky News.
Jundia added: “My father was also dead. My other brother was also dead. We got them out and that is when I saw that the whole building had collapsed.”
Over the next few hours, they scrambled to rescue who they could.
An aunt and uncle and one of their children, Shaimaa. Uncle Imad and his son Mohammad. The bodies of Montasir and Mustaf.
Image: One of the child victims of the attack on the home near the Gaza City
Image: Another one of child victims of the attack
Jundia says he could hear cries for help, but they were coming from deep in the rubble and were impossible to reach.
The rescue teams on site – civil defence they are called – did not have the kit to clear through three floors of 500 square metres, 30cm slabs of concrete.
Image: Rescuers drilling to try and reach the people trapped below the rubble
Image: Efforts to free those trapped beneath the rubble near the Gaza City
In the afternoon, Jundia says Israel’s Defence Forces (IDF) told rescue teams to leave as they would be resuming their bombardment.
Jundia buried the bodies he had managed to pull out but he knew 15 of his family members, 12 of them children, were still somewhere inside the rubble, still crying for help.
He made a desperate video appeal, begging the Red Cross and Arab countries to pressure Israel to grant access to the site. It was picked up on a few social media accounts.
Israel won’t allow heavy equipment into Gaza. No diggers or bulldozers, nor the fuel or generators to run them.
They say it will fall into Hamas’s hands.
It was a major sticking point during the ceasefire and it is a major issue now as the bombardment continues, given the fact that hundreds if not thousands of civilians might survive if there were the equipment to extract them.
Image: Members of Salah Jundia’s family left alive after the attack
Image: Salah Jundia and his surviving family
Civil defence trying to get to the Jundia family home over the next few days were halted because the IDF were in the vicinity. A family friend tried himself and was killed.
The footage that our camera teams have shot in Shujaiyya over the past two weeks shows how civil defence teams struggle to save those who are trapped and injured with the most rudimentary of equipment – plastering trowels, sledgehammers, ropes and small drills.
“The tight siege stops civil defence equipment from getting in,” says one.
They added: “So we are taking much longer to respond to these events. Time is a factor in getting these people out. So we call immediately for the necessary equipment to be allowed in for the civil defence to use.”
The IDF say they are investigating the circumstances around the Jundia family as a result of our enquiries.
In relation to the access of heavy equipment into Gaza, they say they work closely with international aid organisations to enable the delivery of humanitarian activities in accordance with international law.
The last contact Jundia had from beneath the rubble was a phone call from his uncle Ziad, three days after the strike.
“The line was open for 25 seconds then it went dead. We don’t know what happened. We tried to call, but there was no answer,” he says.
He and his family were displaced several times before they returned home to Shujaiyya – to Rafah in the south, then Khan Younis and Deir al-Balah.
Along the way, Jundia lost one brother and a nephew to Israeli bombs.
“We were happy and all the family came back. We went back to our house. It was damaged, but we improvised and we lived in it. We have nothing to do with the resistance. We are not interested in wars. But we have been gravely harmed,” he says.
China’s economy performed better than expected in the first quarter of the year – but it reflects a moment in time before the explosive trade war with the US, which has seen the world’s two biggest economies effectively decouple.
Economists had predicted that gross domestic product would grow by about 5.1% in January to March, compared with a year earlier. In the end, it grew 5.4%.
But these impressive figures obscure the very serious challenges China’s economy is facing in the wake of Donald Tump’s trade war – and it is almost certain growth will not remain this strong as the year goes on.
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It was in the evening that the bombing started to intensify.
Salah Jundia, his father and brothers huddled together in their home in Shujaiyya, just east of Gaza City, trying to work out what to do.
It was too risky for them to leave at night. There were a lot of them too. Extended family living across four storeys. They decided they would wait until after dawn prayers.
The explosion tore through the building just before 5am, collapsing one storey on to the next.
Image: The remains of Salah Jundia’s home in Shujaiyya, just east of Gaza City
Image: Salah Jundia
Jundia says he survived because pieces of bedroom furniture fell on top of him.
Then he looked for his father and brothers.
“I found one of them calling for help. I removed the rubble covering him with my hands. Then I saw another brother covered in rubble but he was dead,” he told Sky News.
Jundia added: “My father was also dead. My other brother was also dead. We got them out and that is when I saw that the whole building had collapsed.”
Over the next few hours, they scrambled to rescue who they could.
Image: One of the child victims of the attack on the home near the Gaza City
Image: Another one of child victims of the attack
An aunt and uncle and one of their children, Shaimaa. Uncle Imad and his son Mohammad. The bodies of Montasir and Mustaf.
Jundia says he could hear cries for help, but they were coming from deep in the rubble and were impossible to reach.
The rescue teams on site – civil defence they are called – did not have the kit to clear through three floors of 500 square metres, 30cm slabs of concrete.
Image: Rescuers drilling to try and reach the people trapped below the rubble
Image: Efforts to free those trapped beneath the rubble near the Gaza City
In the afternoon, Jundia says Israel’s Defence Forces (IDF) told rescue teams to leave as they would be resuming their bombardment.
Jundia buried the bodies he had managed to pull out but he knew 15 of his family members, 12 of them children, were still somewhere inside the rubble, still crying for help.
He made a desperate video appeal, begging the Red Cross and Arab countries to pressure Israel to grant access to the site. It was picked up on a few social media accounts.
Israel won’t allow heavy equipment into Gaza. No diggers or bulldozers, nor the fuel or generators to run them.
They say it will fall into Hamas’s hands.
It was a major sticking point during the ceasefire and it is a major issue now as the bombardment continues, given the fact that hundreds if not thousands of civilians might survive if there were the equipment to extract them.
Image: Members of Salah Jundia’s family left alive after the attack
Image: Salah Jundia and his surviving family
Civil defence trying to get to the Jundia family home over the next few days were halted because the IDF were in the vicinity. A family friend tried himself and was killed.
The footage that our camera teams have shot in Shujaiyya over the past two weeks shows how civil defence teams struggle to save those who are trapped and injured with the most rudimentary of equipment – plastering trowels, sledgehammers, ropes and small drills.
“The tight siege stops civil defence equipment from getting in,” says one.
They added: “So we are taking much longer to respond to these events. Time is a factor in getting these people out. So we call immediately for the necessary equipment to be allowed in for the civil defence to use.”
The IDF say they are investigating the circumstances around the Jundia family as a result of our enquiries.
In relation to the access of heavy equipment into Gaza, they say they work closely with international aid organisations to enable the delivery of humanitarian activities in accordance with international law.
The last contact Jundia had from beneath the rubble was a phone call from his uncle Ziad, three days after the strike.
“The line was open for 25 seconds then it went dead. We don’t know what happened. We tried to call, but there was no answer,” he says.
He and his family were displaced several times before they returned home to Shujaiyya – to Rafah in the south, then Khan Younis and Deir al-Balah.
Along the way, Jundia lost one brother and a nephew to Israeli bombs.
“We were happy and all the family came back. We went back to our house. It was damaged, but we improvised and we lived in it. We have nothing to do with the resistance. We are not interested in wars. But we have been gravely harmed,” he says.