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WallStreetBets Founder Sues Reddit

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.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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