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Reddit slapped with lawsuit by mastermind behind forum that helped spark meme stock craze
WallStreetBets’ Jaime Rogozinski sues Reddit: ‘I’m fighting for what’s right’
WallStreetBets founder Jaime Rogozinski discusses his lawsuit against Reddit for banning him as moderator from the forum he created on ‘The Claman Countdown.’
After three years of deliberations, Jaime Rogozinski, the founder of meme stock chat room WallStreetBets, is suing Reddit for wrongly banning him and violating his trademark rights.
"Let me be clear: Reddit picked the time. I have been silent about this for three years, hoping to find an amicable, mutually beneficial solution to this problem. And I think that Reddit is surprised that I finally decided to fight back and instead of sitting back with my arms crossed," Rogozinski said in an exclusive interview on "The Claman Countdown" Thursday.
The WallStreetBets founder, who essentially popped off the meme stock craze in 2020, filed a lawsuit on Wednesday seeking at least $1 million in damages for breach of contract after Reddit allegedly removed him as a moderator from the forum he created in 2012, and violated his rights to trademark the WallStreetBets name.
"I want to understand, without legalese, why it is that after I was kicked out, Reddit is chasing me and trying to take away my intellectual property. I can understand it's up to the courts to figure out exactly whether or not that was right, or not right, Rogozinski told host Liz Claman. "They kick me out, then they chase after me. I've been blocked from taking this idea elsewhere. In other words, they've just usurped this."
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Reddit has claimed that Rogozinski used the platform to enrich himself, violating the company’s user guidelines. Arguably, Claman mentioned in Thursday’s segment, Reddit’s defense could be that they own the WallStreetBets forum since it operates on their site.