Jordan Belfort Says ‘It’s Laughable’ For Hedge Funds to ‘Cry Foul’ Over GameStop Short Squeeze

Jordan Belfort Says ‘It’s Laughable’ For Hedge Funds to ‘Cry Foul’ Over GameStop Short Squeeze

Former stockbroker and the subject of the 2013 biopic The Wolf of Wall Street Jordan Belfort said Friday that complaints from hedge funds about stock market actions that caused them to lose millions of dollars were "laughable."Retail traders, many of whom were part of the Reddit stock trading forum r/WallStreetBets, bought large amounts of shares of GameStop stock this week. Some hedge fund managers had procured GameStop stock in the hopes that it would decrease in value, part of a practice known as "shorting" or "short selling."When the stock in GameStop rose, hedge funds suffered financial loss. On Thursday, the commission-free trading app Robinhood halted purchases of GameStop stock, causing some observers to believe external pressure led the company to announce the restrictions.In an interview with Fox News host Sean Hannity, Belfort said hedge funds engage in short selling on a regular basis."I think it's laughable for the hedge funds to cry foul after they do this every single day on a daily basis," Belfort said, "Manipulate stocks, box out the small investor."Short selling is "a healthy part of the normal stock market," Belfort said. However, he viewed how some people short-sold GameStop stock as a way of "manipulating the