The founder of retail investor-driven discussion board WallStreetBets, Jaime Rogozinski, is reportedly suing Reddit for ousting him as moderator.
What Happened: Rogozinski is accusing Reddit of a breach of contract for his 2020 ousting and infringing on his right to trademark the WallStreetBets brand, reported The Wall Street Journal.
“I felt this was personal, and I felt betrayed,” said Rogozinski, according to the report.
“My vision for WSB is not a massive pump group, but a massively empowered group which collectively strengthens the foundation of Wall Street."
“Jamie was removed as a moderator of r/WallStreetBets by Reddit and banned by the community moderators for attempting to enrich himself. This lawsuit is another transparent attempt to enrich himself,” a Reddit spokesperson told the Journal.
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Why It Matters: Rogozinski filed the lawsuit in the U.S. District Court of the Northern District of California, noted The Journal.
The Reddit spokesperson said, “We’ll respond directly in court and continue to protect the best interests of the communities and moderators on our platform.”
Rogozinski’s relations with Reddit reportedly went downhill after he published a book on millennials and the stock market which included anecdotes from the discussion board. He also announced a live trading competition, sponsored by a company called True Trading Group.
Reddit told him in April 2020 that his account was suspended due to attempted monetization of the community, reported the Journal. Rogozinski appealed the suspension on multiple occasions but was met with rejection.
Reddit and Rogozinski are also at odds over who owns the WallStreetBets brand, and the latter has filed a trademark application in March 2020 which the platform has contested.
Last year, Rogozinski said the retail frenzy that sent shares of GameStop Corporation (NYSE:GME), AMC Entertainment Holdings Inc (NYSE:AMC) and other companies soaring wouldn’t have happened on his watch.
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