WallStreetBets Founder Sues Reddit
Jaime Rogozinski, the founder of the popular WallStreetBets (WSB) subreddit, has filed a lawsuit against Reddit for removing him as a moderator and infringing on his trademark rights.
The WallStreetBets subreddit, established in 2012, earned a reputation on Reddit as the go-to platform to witness bold stock trades. The community members shared images of significant trading losses and gains, reflecting a “YOLO” or “you only live once” mentality to trading stocks rather than focusing on financial literacy.
The subreddit became the epicenter of the meme stock frenzy, which saw GameStop and AMC soar amid a historic short squeeze.
Rogozinski claimed that Reddit wrongfully terminated him, stating that the company violated a “breach of contract” and that the alleged “monetization of the community” was only a pretext.
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Additionally, he seeks an order to restore him as the senior-most moderator of the r/WallStreetBets subreddit and for Reddit to be barred from using the trademark.
Reddit has refuted Rogozinski’s claims, calling the lawsuit baseless and stating it is a transparent attempt to enrich himself. The WSB subreddit gained immense popularity during the pandemic and was at the forefront of the meme stock frenzy.