Reddit is being sued by the creator of r/WallStreetBets
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Loading... - Emma Jackson
- 27 Feb 2023
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How much ownership does a creator of a Reddit community have?
The meme stock craze that started on Reddit and took the financial world by storm in 2021 may have died down, but clearly there are people who still think the social sharing platform is going "to the moon." And they want back on that rocketship.
Jaime Rogozinski, the creator of the popular Reddit community, WallStreetBets, filed(Opens in a new tab) a lawsuit(Opens in a new tab) against the company on Wednesday, years after the company removed him as a moderator of the subreddit. Rogozinski is looking to be reinstated as a moderator, and wants to block Reddit from using the the name "WallStreetBets," which Rogozinski holds a trademark for.
Rogozinski founded the subreddit r/WallStreetBets back in 2012, nearly 10 years before it blew up as ground zero for the meme stock craze which saw retail investors pump stocks like GameStop and AMC to new heights in order to trigger a short squeeze, which would further inflate the value of these stocks. The popularity of meme stocks and the discourse surrounding it further boosted the WallStreetBets subreddit, which now boasts over 13.6 million subscribers.
In 2020, however, before the meme stock craze even began, Rogozinski was removed from the group he had created, and had his moderator powers stripped from him.
According to Rogozinski, he was removed as moderator on r/WallStreetBets after he applied for a trademark for WallStreetBets in March 2020. Rogozinski also published a book titled WallStreetBets: How Boomers Made the World’s Biggest Casino for Millennials that year as well. Read More…
