This lawsuit is another transparent attempt to enrich himself. “Jaime was removed as a moderator of r/WallStreetBets by Reddit and banned by the community moderators for attempting to enrich himself. “This is a completely frivolous lawsuit with no basis in reality,” a Reddit spokesperson said in a statement to The Hollywood Reporter. Patent & Trademark Office proceeding from October 2020 until last week. The complaint doesn’t mention that he and the platform had been in active settlement negotiations in a U.S. He alleges he was deplatformed and Reddit is systematically asserting ownership of popular subreddits to support its IPO.
On Aphe was notified of a 7-day suspension from the platform, which he interpreted that to mean he’d be able to moderate WallStreetBets again after a week, which didn’t happen. “On Reddit, just about everyone, to include aspiring pornographers and scam artists, can find a place, everyone that is except Mr. “Reddit’s justification was a pretext - people use Reddit to market and sell everything from investment advice to bodily fluids,” states the complaint, which is embedded below. Rogozinski alleges Reddit terminated him “as a moderator of his form, claiming he had violated company policy by ‘attempting to monetize a community.'” But, he thinks it’s actually because of the trademark application he filed on March 24, 2020, which the company filed an opposition to on Aug. And, in March 2020, he announced a branded e-sports competition of sorts, a live trading competition that would “pit the country’s top traders against each other, using real money to see who is most skilled.” He self-published a book in January 2020 called WallStreetBets: How Boomers Made the World’s Biggest Casino for Millennials and linked to its Amazon listing in the subreddit’s side bar. Reddit Lays Groundwork for Public Offering With Confidential SEC FilingĪfter the group gained momentum and started getting coverage by the press - stories cited in the complaint have titles like “Meet the Bros Behind /r/WallStreetBets, Who Lose Hundreds of Thousands of Dollars in a Day-And Brag About It” and “You Probably Shouldn’t Bet Your Savings on Reddit’s ‘Wallstreetbets’” - he sought to grow the brand.
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