The founder of Reddit’s WallStreetBets subreddit is suing the social media company for breach of contract and trademark infringement, saying he was forced out of his moderator role in 2000.
Jaime Rogozinski, in the suit, filed in the U.S. District Court for the Northern District of California, alleges he was forced out after he wrote a book titled WallStreetBets: How Boomers Made the World's Biggest Casino for Millennials, and attempted to trademark WallStreetBets. At the time, the community had 1 million subscribers. Today, it has just under 14 million.
Rogozinski also alleges his removal from his moderator post and ban from the site was an attempt by Reddit to control his brand and increase the company’s valuation.
"I felt this was personal, and I felt betrayed," Rogzinski told the Wall Street Journal.
Reddit, in a statement to Journal, disputed those claims.
“Jamie was removed as a moderator of r/WallStreetBets by Reddit and banned by the community moderators for attempting to enrich himself,” the company said. “This lawsuit is another transparent attempt to enrich himself. It’s telling that he is filing this suit three years after he was banned from r/WallStreetBets and long after the community rose in mainstream popularity without his involvement.”
WallStreetBets has been ground zero in the meme stock trading world of the past several years. Its members have given new life to companies whose shares were struggling, including GameStop, AMC and Bed Bath and Beyond. It also brought the phrase “diamond hands” into pop culture.
Rogozinski is seeking at least $1 million, and to stop Reddit from using the WallStreetBets name, unless he is reinstated as the senior moderator on the subreddit.
A documentary film will look at Rogozinski and WallStreetBets next month at South by Southwest.
