Submission + - Founder of WallStreetBets, Which Helped Ignite Meme Stock Frenzy, Sues Reddit (reuters.com)
According to the complaint filed in federal court in Oakland, California, Rogozinski applied to trademark "WallStreetBets" in March 2020, one month before his ouster, when the community reached 1 million subscribers. Founded in 2012, the community now has 13.6 million subscribers. "If you build it, they will come," the complaint said, quoting from the 1989 movie "Field of Dreams. "Reddit's dreams, however, turned out to be Mr. Rogozinski's nightmare as the company insists, 'if you build it, we will take it from you.'" Rogozinski said he is a dual U.S.-Mexican citizen, and lives in Mexico City. He is seeking at least $1 million in damages for breach of contract and violations of his publicity rights, and a ban on Reddit's use of WallStreetBets unless it reinstates him as senior moderator of the r/WallStreetBets subreddit.