Jordan Belfort‘s all for the little guys getting rich, and taking on Wall Street’s establishment — but he warns they’re going about it the wrong way, and might get burned.
Let’s face it, the “Wolf of Wall Street” understands what the Reddit subgroup, WallStreetBets, is doing more than just about anyone, but Thursday on “TMZ Live” he told us they should be investing their money into winning companies … not failing ones like GameStop, BlackBerry or AMC.
If you’ve seen the movie, you know Jordan infamously battled stock-shorting hedge fund managers … and made a fortune doing it. He says the Reddit guys are basically doing what he did, but with the benefit of the Internet.
But, here’s the irony … the Wolf says he gets why Robinhood and other online platforms are stopping normies from trading the junk stocks — it comes down to liability. When the little guys start losing their shirts, or homes, Jordan says they’ll start suing … and Robinhood’s trying to dodge that.
He also thinks the WallStreetBets investors are walking a fine line, legally speaking. Now, don’t get it twisted, Jordan says he wants to see the little guys strike it rich — but says there’s a better way to do it … with much less risk.