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Jaime Rogozinski has filed a lawsuit against Reddit for removing him as a moderator in 2020 and infringing on his right to trademark the WallStreetBets (WSB) community name.
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WallStreetBets was founded in 2012 and became a go-to place on Reddit for people to witness bold stock trades, with members sharing images of trading losses and gains.
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Financial literacy wasn't the focus of WSB's content, which instead promoted a "YOLO" or "you only live once" mentality to trading stocks.
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The subreddit became increasingly popular during the COVID-19 pandemic as people spent more time at home and delved into online stock trading, often using commission-free platforms like Robinhood.
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WSB was the epicenter of the meme stock frenzy, which saw GameStop and AMC soar amid a historic short squeeze.
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Cryptocurrency discussions were limited to a single thread on WSB, but a crypto-specific subreddit was launched by its managers in 2021.
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Reddit has catered to the WSB community by releasing custom avatars, including ones with "diamond hands," a rocket tie, and yellow hair sporting the logo.
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WSB's popularity grew rapidly due to the pandemic and the financial relief programs.
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WSB is known for promoting risky investment strategies and a sense of stoic pride in both gains and losses.
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Jaime Rogozinski's lawsuit against Reddit highlights the legal complexities surrounding online communities and their intellectual property rights.