"This is a completely frivolous lawsuit with no basis in reality," a Reddit spokesperson said in response to Insider's request for comment. Reddit is now asserting its ownership over all of its subreddit brands as part of its revival of its plans to go public, according to the lawsuit. The platform removed him from his position as a moderator of WallStreetBets in March 2020 on the basis that he had violated company policy by "attempting to monetize a community". In the suit, Rogozinski accused Reddit of undermining his trademark rights. Rogozinski says he was ousted by Reddit after writing a book titled "WallStreetBets: How Boomers Made the World's Biggest Casino for Millennials" in January 2020 and applying to trademark the forum's name two months later. He also launched an e-sports trading competition with the aim of raising brand awareness, he said. WallStreetBets skyrocketed in popularity in 2021 as retail investors used the subreddit to identify and then pump so-called meme stocks.įorum chatter produced huge swings in the share prices of companies like GameStop and AMC, with GameStop surging nearly 1,000% during a two-week period in January 2021. "While other social media platforms endeavor to compensate their content creators, Reddit works to capture, take credit for, and monetize other people's creations." Rogozinski's nightmare as the company insists, 'if you build it, we will take it from you'". "Reddit's dreams, however, turned out to be Mr. "'If you build it, they will come,' entrepreneurs tell themselves," they said in the complaint. Rogozinski is seeking $1 million worth of damages for breach of contract and violation of his publicity rights, per Reuters – and his lawyers used a quote from the 1989 Kevin Costner film "Field of Dreams" to sum up his allegations. Jaime Rogozinski alleges that Reddit wrongfully terminated him in April 2020, according to a complaint filed in federal court in Oakland, California on Wednesday. The founder of WallStreetBets is suing Reddit for ousting him as moderator of the forum, the birthplace of the meme stock craze. Rogozinski's complaint is a "completely frivolous lawsuit with no basis in reality", Reddit said. He wants $1 million in damages, per Reuters, after being banned as moderator of the birthplace of the meme-stock craze. Jaime Rogozinski, the founder of Reddit's WallStreetBets forum, is suing the social media platform. Pavlo Gonchar/SOPA Images/LightRocket via Getty Images Stocks.The WallStreetBets subreddit sparked a meme stock frenzy. Furthermore, the WSB community hasīeen better than almost all investment banks at detecting top-performing Our results show that they achieve average returns that compete with the bestīanks and outperform them in certain cases. While not all WSB recommendations prove profitable, Investment recommendations from WSB's raw text for all S&P 500 stocks andĬompare their performance to more than 16,000 analyst recommendations from the Investment banks, based on more than 1.6 million WSB posts published sinceĢ018. Recommendations of WSB in comparison to recommendations made by leading Institutions? We present a data-driven empirical study of investment Provide valuable investment advice and possibly even outperform top financial ![]() Question remains: Can WSB's community of anonymous contributors actually Research on its impact on our economy and society. ![]() Download a PDF of the paper titled Democratization of Retail Trading: Can Reddit's WallStreetBets Outperform Investment Bank Analysts?, by Tolga Buz and 1 other authors Download PDF Abstract: The recent hype around Reddit's WallStreetBets (WSB) community has inspired
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