Jordan Belfort Recreates Leonardo DiCaprio's Wolf Of Wall Street Speech
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Jordan Belfort has recreated Leonardo DiCaprio's iconic speech from The Wolf of Wall Street as he weighed in on the chaos that has been taking place between financiers and the denizens of Reddit of late.
It's a remarkably 2021 battle, but in case you're not aware, the folks on a specific sub-Reddit became aware that the fat cats were betting against the stock of entertainment chain GameStop - a practice known as 'shorting' - but had painted themselves into a corner.
So, the individual investors started buying up stock, pushing the prices to the limits, using apps such as Robinhood.
At peak, GameStop stock was worth as much as $500 per share, and left many on Wall Street in a tight spot, potentially owing a load of money after their gamble didn't pay off.
It all ground to a halt when Robinhood - who claim they started in order to 'democratise finance' - blocked users from buying more stocks in GameStop and others that the smart folks of Reddit were attempting to 'short squeeze'.
Got it? OK, let's move back to Jordan Belfort.
The man who The Wolf of Wall Street was based on is obviously no stranger to a bit of financial chaos.
Whilst he initially said that it was 'amazing' that the Wall Street honchos were getting a taste of their own medicine for once, he later warned that 'everyone's got to be really careful, because it's going to be like catching a falling knife when it unravels.'
Those victims would likely be small investors arriving too late, then buying up stocks that weren't based in 'any rational, fundamental value'.
However, he then sent out a message of 'love, respect, support, and most importantly encouragement' to the Reddit financial justice army.
That's a bit more like it.
He said: "For years I've been telling you guys to never take no for an answer, right? To never stop trading. To hold the line. Keep squeezing the f***ing testicles of those dastardly short-sellers until you get what you want because you all deserve it,
"This s*** that Robinhood is pulling on us now, stopping us from trading, barring us from their platform - our home, the home that we built - what the f*** is that?
"I'll tell you what it is - it's Wall Street, it's the hedge funds, it's f***ing Robinhood being f***ing hypocrites, that's what it is.
"It's them trying to squash us, the little guy, to put us all back in our places instead of the other way around, like we've been doing to them.
"So you know what, Wall Street? You know what, Robinhood? We're not leaving."
It bears a striking resemblance to the speech given by DiCaprio - playing Belfort - to his Stratton Oakmont colleagues after being declared a suspect by the FBI.
Robinhood has denied that their decision to stop offering stocks in GameStop and other listings last week was to stop several Wall Street organisations from haemorrhaging too much cash.
CEO Vlad Tenev said: "We had no choice in this case. We had to conform to our regulatory capital requirements."
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