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Writer and ex-stockbroker Jordan Belfort joins ‘Tucker Carlson Tonight’ in responding to a tumultuous week on Wall Street

Jordan Belfort, the former stockbroker whose memoir “The Wolf of Wall Street” from 2007 formed the basis for the 2013 hit movie starring Leonardo DiCaprio, praised the “brilliant” private investor uprising last week during an appearance on Monday at “Tucker Carlson Tonight” “

Video game retailer GameStop’s stock price rose dramatically last week after a group of Reddit users banded together to buy out the struggling retailer’s call options – hurting short sellers in the market

“I believe this is a paradigm shift right now,” Belfort, who served 22 months in jail after pleading guilty of securities fraud and money laundering, told host Tucker Carlson

“The little guy is finally equipped, information spreads immediately, it used to be only the big guys, they paid the analysts Now the little guy finally has the opportunity to play the same game, at least something,” explained Belfort ” And there will be a radical change, it will not be the same “

Short sellers, Belfort added, are investors who speculate that the price of a stock or security will depreciate. Your strategy is to borrow stocks to sell in hopes of turning them into one in the future to be able to buy back lower price

“There are hedge funds that join together and literally sell a stock to near zero when it’s out of business, trying to spread negative news and investigation, and that’s what you see at GameStop,” Belfort said

“I think everyone knows something is wrong in the pit of their stomach. You can silence people, you can remove people from the platform and get away with it. Everyone – Republican or Democrat – knows something is wrong, so both sides of the aisle have.” agreed on this one thing, “he continued

Belfort praised retail investors who were “sick as hell” and tired of being ousted by Wall Street, which they always were “

“My hat is to them by the way,” he said to Carlson. “It’s great what they did. They found a real inefficiency in the market and a void where something was dramatically cut short and they could actually get enough purchasing power to have them now finally ammunition to defend yourself

“The danger,” he warned, “is going to end badly for these stocks, and I hope people don’t lose any money in the process””

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Jordan Belfort

World News – CA – “Wolf of Wall Street” Jordan Belfort praises “brilliant” stock revolt: “This is a paradigm shift”

Source: https://www.foxnews.com/media/jordan-belfort-wolf-of-wall-street-gamestop-reddit