WallStreetBets founder Jaime Rogozinski is suing Reddit
Reddit claims that the lawsuit is 'frivolous' while the remaining mods state the subreddit is 'more intelligent' since Rogozinski left.
The WallStreetBets subreddit exploded with users during the height of the GME trading. All eyes were on the community as first-time traders utilized the subreddit to discuss goals and be a part of a massive movement. However, in April 2020, the founder of the subreddit, Jaime Rogozinski, was removed as a moderator by Reddit and then banned by his fellow mods. Now, Rogozinski is suing Reddit for ousting him and preventing him from trademarking the WallStreetBets brand.
Source: Facebook via Market Realist
A report by Wall Street Journal on February 15, 2023 outlines the lawsuit of WallStreetBets’ founder, Jaime Rogozinksi, against Reddit. According to the report, Rogozinski is suing the news aggregate and social media platform for “ousting him from his role” as the moderator of WallStreetBets and “infringing on his right to trademark the WallStreetBets” brand.
According to Reddit spokeswoman, Rogozinski’s claims are “frivolous” with “no basis in reality.” The spokeswoman goes on to state that Rogozinski was removed as the moderator for the subreddit for attempting to enrich himself using the community. Part of this self-promotion was allegedly linking the Amazon listing of a book he’d penned regarding millennial’s treatment of the market as a casino.
Furthermore, Reddit’s policies prohibit mods from entering into agreements with outside parties on behalf of a subreddit. Rogozinski had apparently “sold the rights to his life story” which is set to appear at South by Southwest as a documentary in March.
To add more salt to the wound, WallStreetBets’ moderators released a statement to the Wall Street Journal claiming that the subreddit had “become incredibly vibrant and more intelligent since [Rogozinski] left.”
The report goes into more detail about the reasoning behind Rogozinski’s founding of the subreddit and the surge in popularity of the community during the GameStop short squeeze.
Interestingly, this news is surfacing after rumors were spreading that Reddit was eyeing a late 2023 launch for its initial public offering. The company has apparently had these plans in the works for quite some time, with word of the IPO starting in September 2021.
What comes of Rogozinski’s lawsuit remains to be seen. Keep it locked to Shacknews as we bring you the latest from GME, WallStreetBets, and adjacent topics.
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