The creator of the WallStreetBets (WSB) subreddit, Jaime Rogozinski, which sparked the meme stock craze by rallying retail investors to stocks like GameStop, has filed a lawsuit against Reddit alleging breach of contract and trademark infringement.
that Jaime Rogozinski, the creator of the popular WallStreetBets subreddit and the mastermind of the meme stock crazy, has filed a lawsuit against Reddit, claiming that the social media site violated his trademark rights for the WallStreetBets brand and removed him from his position as a WSB moderator in 2020.The lawsuit is the most recent chapter in the WSB subreddit’s saga, which gained much attention during the meme stock retail trading craze of 2019–2021.
Reddit has rejected Rogozinski’s lawsuit as “completely frivolous” without “any basis in reality.” The social media site asserts that the community moderators banned Rogozinski and removed him as a moderator because he tried to enrich himself. Reddit asserts that it will directly respond in court to defend the best interests of the communities and moderators on its platform and that the lawsuit is a blatant attempt by Rogozinski to enrich himself.
Reddit moderators are allegedly not allowed to enter “agreements with third parties on behalf of a subreddit.” according to the lawsuit. Rogozinski, however, asserts that he was “very open” about promoting the competition and selling his book, and that he had never accepted payment for moderating the WSB forum.
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