<p>Reddit has been sued by Jaime Rogozinski - the founder of a popular forum 'WallStreetBets' that fueled meme stocks frenzy in 2021 - over ousting him from the community. In his complaint, Rogozinski has claimed that the American discussion and aggregation website infringed his trademark to WallStreetBets and violated his publicity rights. He invested years in the forum, founded in 2012, which reached the milestone of 1 million subscribers by 2020. Amid a wide reach, he wrote a book - "WallStreetBets: How Boomers Made the World’s Biggest Casino for Millennials" - and launched other WSB-related ventures.</p>

<p>Reddit suspended him, Rogozinski said, two weeks after he submitted the trademark application in 2020, according to reports. This cost him "hundreds of thousands of dollars of sales for his book". His firm, Rogozinski further claimed, lost a contract and he suffered huge losses. He filed the complaint in a federal court in Oakland, California, on Wednesday (February 15). &nbsp;</p>

<p>He further alleged that the premise for banning him - "attempting to monetise a community" - was a pretext to keep him from trying to control "a famous brand that helped Reddit rise to a $10 billion valuation" by late 2021. The contention is also linked to Reddit claiming ownership of popular forums before going public.&nbsp;</p>

<p>A spokesperson for the social network has termed the complaint "a completely frivolous lawsuit with no basis in reality". “Jaime was removed as a moderator of r/WallStreetBets by Reddit and banned by the community moderators for attempting to enrich himself. This lawsuit is another transparent attempt to enrich himself," the spokesperson has been quoted as saying by news agency Reuters.&nbsp;</p>

<p>In his lawsuit, Rogozinski mentioned 1989 Hollywood sports and fantasy drama "Field of Dreams", while attacking the social media giant as he wrote: "If you build it, they will come." He has sought $1 million in damages for violation of contract and violation of publicity rights.&nbsp;</p>

<p>WallStreetBets dominated market headlines in 2021 over meme stocks. For the uninitiated, meme stocks are stocks that rally periodically because of internet popularity.&nbsp;</p>

<p>(With agency inputs)&nbsp;</p>

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Reddit has been sued by Jaime Rogozinski - the founder of a popular forum 'WallStreetBets' that fueled meme stocks frenzy in 2021 - over ousting him from the community.

Reddit has been sued by Jaime Rogozinski - the founder of a popular forum 'WallStreetBets' that fueled meme stocks frenzy in 2021 - over ousting him from the community. In his complaint, Rogozinski has claimed that the American discussion and aggregation website infringed his trademark to WallStreetBets and violated his publicity rights. He invested years in the forum, founded in 2012, which reached the milestone of 1 million subscribers by 2020. Amid a wide reach, he wrote a book - "WallStreetBets: How Boomers Made the World’s Biggest Casino for Millennials" - and launched other WSB-related ventures. Reddit suspended him, Rogozinski said, two weeks after he submitted the trademark application in 2020, according to reports. This cost him "hundreds of thousands of dollars of sales for his book". His firm, Rogozinski further claimed, lost a contract and he suffered huge losses. He filed the complaint in a federal court in Oakland, California, on Wednesday (February 15). He further alleged that the premise for banning him - "attempting to monetise a community" - was a pretext to keep him from trying to control "a famous brand that helped Reddit rise to a $10 billion valuation" by late 2021. The contention is also linked to Reddit claiming ownership of popular forums before going public. A spokesperson for the social network has termed the complaint "a completely frivolous lawsuit with no basis in reality". “Jaime was removed as a moderator of r/WallStreetBets by Reddit and banned by the community moderators for attempting to enrich himself. This lawsuit is another transparent attempt to enrich himself," the spokesperson has been quoted as saying by news agency Reuters. In his lawsuit, Rogozinski mentioned 1989 Hollywood sports and fantasy drama "Field of Dreams", while attacking the social media giant as he wrote: "If you build it, they will come." He has sought $1 million in damages for violation of contract and violation of publicity rights. WallStreetBets dominated market headlines in 2021 over meme stocks. For the uninitiated, meme stocks are stocks that rally periodically because of internet popularity. (With agency inputs) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Reddit violated publicity rights: WallStreetBets founder Jaime Rogozinski's big claims in lawsuit

<p>A 20-year-old college student in Minneapolis&nbsp;called Hunter Kahn is&nbsp;donating video games to a US hospital after earning almost $30,000 by selling GameStop shares.</p>

<p>Kahn is a mechanical engineering student at Cornell University donated six&nbsp;Nintendo Switches and games worth more than $2,000 to&nbsp;Children’s Minnesota Hospital.</p>

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<p>GameStop stock surged some 400 per cent in the past week after retail investors banded together to buy shares in the US video game retailer, sending hedge funds scrambling to cover losing bets.</p>

<p><strong>Also read:&nbsp;<a href="https://www.wionews.com/technology/teslas-elon-musk-grills-robinhood-ceo-vladimir-tenev-over-gamestop-trading-freeze-360790" hreflang="en">Tesla's Elon Musk grills Robinhood CEO Vladimir Tenev over GameStop trading freeze</a></strong></p>

<p>Jennifer Soderholm, president of Children's Minnesota Foundation said: "We're so grateful for this generous donation that will help bring joy to kids at our hospitals, especially during these challenging times."</p>

<p>"It's inspiring to see young people in our community choosing to give back and pay it forward."</p>

<p>Kahn is still holding 50 of his original shares of GameStop that he bought at $30 and said that he plans on using it to pay for his tuition fee in college.</p>

<p>Last week Tesla CEO Elon Musk&nbsp;tweeted "Gamestonk!!," which many in the market interpreted as an apparent show of support for small investors. "Stonks" is a tongue-in-cheek term for stocks widely used on social media.</p>

<p>Major investors like hedge funds have bet against&nbsp;GameStop, citing the video game chain store's ill financial health as consumers shift towards buying over the internet.</p>

<p>As the company's stock surged under the Reddit-fueled onslaught, the big Wall Street firms were forced to buy back shares at higher prices to cover their losses -- further driving up the price.</p>

<p>US media reported the company had also raised $1 billion from its investors to help it stay afloat and allow its customers to continue trading, though on Thursday Robinhood chief Vlad Tenev said the company was not facing a liquidity crunch.</p>

<p>Robinhood needs to maintain a certain amount of funds in the financial institutions that facilitate orders made on its platforms, and when it sees increased demand, that liquidity needs to increase as well.</p>


A 20-year-old college student in Minneapolis called Hunter Kahn is donating video games to a US hospital after earning almost $30,000 by selling GameStop shares.

A 20-year-old college student in Minneapolis called Hunter Kahn is donating video games to a US hospital after earning almost $30,000 by selling GameStop shares. Kahn is a mechanical engineering student at Cornell University donated six Nintendo Switches and games worth more than $2,000 to Children’s Minnesota Hospital. View this post on Instagram A post shared by Hunter Kahn (@hkahn3) GameStop stock surged some 400 per cent in the past week after retail investors banded together to buy shares in the US video game retailer, sending hedge funds scrambling to cover losing bets. Also read: Tesla's Elon Musk grills Robinhood CEO Vladimir Tenev over GameStop trading freeze Jennifer Soderholm, president of Children's Minnesota Foundation said: "We're so grateful for this generous donation that will help bring joy to kids at our hospitals, especially during these challenging times." "It's inspiring to see young people in our community choosing to give back and pay it forward." Kahn is still holding 50 of his original shares of GameStop that he bought at $30 and said that he plans on using it to pay for his tuition fee in college. Last week Tesla CEO Elon Musk tweeted "Gamestonk!!," which many in the market interpreted as an apparent show of support for small investors. "Stonks" is a tongue-in-cheek term for stocks widely used on social media. Major investors like hedge funds have bet against GameStop, citing the video game chain store's ill financial health as consumers shift towards buying over the internet. As the company's stock surged under the Reddit-fueled onslaught, the big Wall Street firms were forced to buy back shares at higher prices to cover their losses -- further driving up the price. US media reported the company had also raised $1 billion from its investors to help it stay afloat and allow its customers to continue trading, though on Thursday Robinhood chief Vlad Tenev said the company was not facing a liquidity crunch. Robinhood needs to maintain a certain amount of funds in the financial institutions that facilitate orders made on its platforms, and when it sees increased demand, that liquidity needs to increase as well.

College student donates video games to hospital after earning $30,000 by selling GameStop shares

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