Jaime Rogozinski claims Reddit wrongly banned him from moderating.
Rogozinski first created r/WallStreetBets in 2012 with the intent of establishing a community for everyday investors who may not know the ins and outs of stock trading. It exploded in popularity around 2020, encouraging traders to buy various “meme” stocks like GameStop and AMC and chastising those with “paper hands” for selling too early.
As the subreddit started to add more members, Rogozinski claims Reddit “aggressively opposed” his application to file a trademark for the WallStreetBets name and instead“‘If you build it, they will come,’” entrepreneurs tell themselves, drawing inspiration from the protagonist-farmer’s walk through an Iowa cornfield in the 1989 film,” the lawsuit reads. “Reddit’s dreams, however, turned out to be Mr. Rogozinski’s nightmare as the company insists, ‘if you build it, we will take it from you.
“This is a completely frivolous lawsuit with no basis in reality,” a Reddit spokesperson who asked to remain anonymous due to the sensitive nature of the situation says in a statement to. “Jaime 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.
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