- Share this article on Facebook
- Share this article on Twitter
- Share this article on Email
- Show additional share options
- Share this article on Print
- Share this article on Comment
- Share this article on Whatsapp
- Share this article on Linkedin
- Share this article on Reddit
- Share this article on Pinit
- Share this article on Tumblr
Jordan Belfort on Monday dipped back into his old persona in a video posted to YouTube in which he reenacted a scene from Wolf of Wall Street, which was based on his 2007 memoir.
In the video, which runs nearly three-minutes long, the one-time New York City multi-millionaire stockbroker encouraged (mostly Reddit) stock traders to not be intimidated by hedge funds and short-sellers while also taking shots at the app Robinhood, which limited the buy of GameStop shares last week.
“We are not Fucking Leaving!!! #GME #HoldTheLine,’ Belfort tweeted in addition to sharing the video. “Hold the line” has been the slogan of r/WallStreetBets on Reddit where risky stocks are being pushed.
The video is Belfort giving the speech his character gave in The Wolf of Wall Street film when he told his firm’s staff he would not be walking away from the business, which was part of his fraud and corruption plea bargain. Played by Leonardo DiCaprio, the scene is one of the more memorable and intense in the 2013 Martin Scorsese film.
The video — parody or not — is a departure from the message Belfort shared last week when he warned that “massive victims” would result in GameStop and AMC stock manipulation.
“The problem is it is sort of this loose collision where one person says ‘Let’s stick together and stay strong.’ And theoretically, that’s illegal,” Belfort said then. “But I doubt that the [U.S. Securities and Exchange Commission] would try to make a case out of something like that.”
Belfort cautioned at that time, “Just remember, every time the market goes up, GameStop goes up, it’s going to be harder and harder to make that next move up because the market cap is just not sustainable. So, at a certain point, someone has to be crossing out the people who are selling and moving on to the next one.”
Belfort — banned from the securities industry and from acting as a broker or investment advisor, as a result of his conviction — did not specifically say what shareholders should do.
An official with the SEC could not be immediately reached to comment on whether the video crosses any lines, but Financial Industry Regulatory Authority’s BrokerCheck system states, “The SEC has barred this individual from acting as a broker or investment adviser or otherwise associating with firms that sell securities or provide investment advice to the public.”
GameStop stock skyrocketed to nearly $500 a share last week before plummeting back down to Earth, trading at $225 Monday afternoon. GME$ was trading at $5 a share two months ago.
Alex Weprin contributed reporting.
Sign up for THR news straight to your inbox every day