WallStreetBets founder James Rogozinski claimed Reddit ripped away the brand he created just months before it was at the heart of the meme trading frenzy, according to the Wall Street Journal.
The founder of the gambling-style subreddit which inspired the meme stock craze in 2020 and 2021 that confounded Wall Street’s establishment has filed a lawsuit against Reddit, according to theIn this photo illustration a Reddit logo is seen displayed on a smartphone with the WallStreetBetsJames Rogozinski—who founded the WallStreetBets subreddit in 2012—accused Reddit of breach of contract and trademark infringement in the suit, according to theReddit removed Rogozinski as a WallStreetBets...
Rogozinski’s suit denies that he broke any rules—claiming he did not receive compensation for running the subreddit, theRogozinski’s Reddit profile—Jartek—was later permanently banned from WallStreetBets by its remaining moderators. Rogozinski reportedly filed an application for a “WALLSTREETBETS” trademark in March of 2020, shortly before he lost his moderator role.
Reddit in a statement called Rogozinski’s lawsuit “frivolous,” decrying it as “another transparent attempt to enrich himself.”in an interview.Rogozinski’s departure came months before WallStreetBets was the focal point of some of the most ludicrous stock movements in history.
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