Fri, December 8

Founder of Reddits ‘WallStreetBets’ Files Lawsuit Against the Platform

Bitcoin News
  • Established in 2012, WSB quickly became known on Reddit.
  • Reddit has also released special avatars for the WSB community.

Jaime Rogozinski, the founder of WallStreetBets (WSB), filed a complaint against Reddit this week, saying that the platform violated his trademark rights by removing him as a moderator in 2020.

Established in 2012, WSB quickly became known on Reddit as the place to go to see risky stock trades. Members of the community proudly showed one other screenshots of their biggest trading wins and losses. The daily content of WSB emphasized a “YOLO” or “you only live once” approach to trading equities rather than financial understanding.

During the COVID lockdowns, individuals spent more time at home and, encouraged by the money they received from pandemic relief programmes, began dabbling in online stock trading. That was ground zero for the unprecedented short squeeze that sent stocks like GameStop and AMC soaring during the so-called meme stock craze.

Attempted to Monetize a Community Allegation

Subreddit moderators have not always been welcoming to cryptocurrency-related threads, but in the autumn of 2021, they opened a new subreddit dedicated just to cryptocurrency talks. Reddit has also released special avatars for the WSB community, including one with “diamond hands,” a rocket-emblazoned tie, and the logo’s signature yellow hair.

Rogozinski was ousted as a moderator of the forum by Reddit long before hordes of WSB observers rushed into meme stocks and established personalities like Keith Gill as icons in a bid to put Wall Street on the losing side of deals.

Rogozinski was removed from his moderator position at Reddit because, according to the platform, he had attempted to monetize a community, which was against company rules. As per the social platform, in order to attract younger generations, Rogozinski organized an esports trading tournament and promoted the book “WallStreetBets: How Boomers Made the World’s Biggest Casino for Millennials.”

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