![]() ![]() One of the most well known examples is GameStop Corp.’s meme stock rally, when an army of Reddit day traders used the WallStreetBets forum to pump up shares of the retailer and fight back against large short positions by groups like Andrew Left’s Citron Research and Gabe Plotkin’s Melvin Capital.įrom Jan. The subreddit gained in popularity in mainstream investing just two years ago when a surge of individual retail traders used the platform to crush several prominent short-sellers. Rogozinski created the chat forum on Reddit in 2012. We’ll respond directly in court and continue to protect the best interests of the communities and moderators on our platform.” “It’s telling that he is filing this suit three years after he was banned by r/WallStreetBets and long after the community rose in mainstream popularity without his involvement. This lawsuit is another transparent attempt to enrich himself,” the spokesperson said over email. “Jaime was removed as a moderator of r/WallStreetBets by Reddit and banned by the community moderators for attempting to enrich himself. In an email to BNN Bloomberg, a Reddit spokesperson said this is a “completely frivolous lawsuit with no basis in reality.” “I've just now decided to go public with this, but this battle has been going on for a long time and at this point, it's a matter of trying to figure out who exactly owns the property to WallStreetBets exactly," ‘What is Reddit’s endgame?,’ ‘What is their business model?’, there's a lot more questions than answers that I've gotten from this.” He said he grew and participated in WallStreetBets, but when he tried to move beyond the social media platform and registered the trademark, “all of a sudden I get kicked out and then they've been fighting me for three years on this.” “Reddit’s new slogan should be ‘We build it, they take it’,” Rogozinski said in an interview with BNN Bloomberg on Friday. The man who started retail investing forum WallStreetBets, which fuelled the 2021 meme stock frenzy, said he’s been fighting with Reddit for years now and has launched a lawsuit against the company.Įarlier this month, Jaime Rogozinski, the founder of subreddit r/WallStreetBets, launched a lawsuit against Reddit for allegedly ousting him as the moderator of the group and blocking his trademark efforts. ![]()
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