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Founder WallStreetBetscommunity responsible for madness ‘action meme’ V Wall Street, filed a lawsuit this Wednesday on the forum Reddit.
Jaime Rogozinski indicated that the platform had expelled him, accusing him of “erroneously banning community moderation and violating his trademark rights.”
Betting on Wall Street vs. Reddit
According to Rogozinsky, Reddit accused him of violating the policy of “trying to monetize the community” as an excuse to avoid control of “a brand that helped make Reddit achieve a $10 billion valuation.”
The complaint was filed in federal court in Oakland, California, and clarifies that Rogozinski applied for trademark registration.WallStreetBets” in March 2020, when the community reached a million subscribers.
Since then, the community has grown by leaps and bounds, reaching 13.6 million subscribers.
As part of his lawsuit, the creator of the subreddit is seeking at least $1 million in breach of contract and a ban on the use of WallStreetBets To Reddit unless you are reinstated as the lead moderator.
“This is a completely baseless claim with no real basis,” a spokeswoman said. Reddit. “Jamie has been removed as moderator of r/WallStreetBets for Reddit and was banned by the community moderators for trying to get rich. This lawsuit is another transparent attempt to get rich.”
internet history
the youth WallStreetBets they caused one of the most incredible events in the US stock market.
Users realized that many billionaires have become even richer in Wall Street betting (that their stock will continue to fall) on companies whose services are really going down, like regular video game stores (Game stop), cinemas in the midst of a pandemic (AMS) and discontinued phone brands (Blackberry). So they started pooling their money to invest in these companies, increasing the value of their shares and causing the giants to fail. So while they were making money, they were also putting the greatest representatives Wall Street and most without further prior study: all thanks to some memes.
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Source: RPP
I am Ben Stock, a passionate and experienced digital journalist working in the news industry. At the Buna Times, I write articles covering technology developments and related topics. I strive to provide reliable information that my readers can trust. My research skills are top-notch, as well as my ability to craft engaging stories on timely topics with clarity and accuracy.