WSB Revolt – The WallStreetBets-Reddit Feud ⚔

Table of Contents

WSB Revolt – The WallStreetBets-Reddit Feud

Markets were at their craziest times when WallStreetBets peaked in popularity. Leaving their print on the stock market for decades to come, this online Reddit forum of mostly millennial users with little to no knowledge regarding the stock market embraced being the underdog as a retail investor. Sending shares of bankrupt companies like GameStop more than 1,000 percent high in a matter of days even caused Congress to hold a hearing regarding the issue, and it has continued to haunt big brokerages and short-selling institutions. Although the forum’s hype has died down significantly, a conflict is now brewing between the forum and Reddit themselves.

More specifically, it was announced on Wednesday that WallStreetBets founder Jaime Rogozinski filed a lawsuit against Reddit due to multiple grievances, the first being the company’s decision to oust him as a moderator on the forum in 2020. Jaime created the forum in 2012, and it did not see significant growth until 2019 when many brokerages opened the gates for retail investors by removing commissions from trading. During that time, he was making decisions such as posting links to his published book regarding millennials and the stock market and promoting trading competitions, which ultimately led to Reddit performing this action due to “attempts to monetize a community”. This is simply the start however, as there has also been conflict regarding the trademark rights to WallStreetBets. Jaime applied to trademark the brand in 2020, but Reddit filed to oppose it a few months after this moderator conflict saying that it is a vital part of their brand. Reddit argues that Wall Street Bets has been perfectly fine, if not better since Jaime left because most of the action occurred in 2021, but it’ll make for an interesting court battle regardless.

Want to learn how to invest? Download the Invstr app, where you can play Fantasy Finance and manage a virtual investment portfolio or open a brokerage account and invest for real. Take our interactive investing course on Invstr Academy and become a better investor today!

I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

Share:
More Posts
Higher Rate Households 📈
27 September, 2023

The recent Fed decision to pause rates has left the federal funds rate at its highest level since 2000.

Load More
Get your daily Invstr Crunch

Get the market news and updates you need, delivered to your inbox or available on our daily podcast.

Facebook Twitter Youtube Instagram Snapchat Tiktok
learn
products
plan
Who we are
blog

Risk Disclosure:

Invstr is not a bank and banking services are provided by Vast Bank, N.A.

Brokerage and Banking services are currently only available to U.S. residents.

Invstr app and web services are provided by Invstr Ltd. Advisory services are provided by Invstr Financial LLC, an investment adviser registered with the Securities Exchange Commission (SEC) details of which can be obtained here. Securities brokerage and custody services are provided by Apex Clearing, a broker dealer registered with the SEC and a member of FINRA and SIPC. There is no bank guarantee on securities and securities may lose value.

Investing involves risk and can lead to losses. Past performance does not guarantee future results.

Invstr app and web services are provided by Invstr Ltd. Invstr+ advisory services are provided by Invstr Financial LLC, an investment adviser registered with the Securities Exchange Commission (SEC). Securities brokerage and custody services are provided by Apex Clearing, a broker dealer registered with the SEC and a member of FINRA and SIPC. There is no bank guarantee on securities and securities may lose value. Vast Bank N.A. a nationally chartered bank and member of the FDIC, provides the banking products, including the products and services related to digital asset accounts. As with any asset, the value of Digital assets can go up or down and there can be a substantial risk that you lose money buying or holding digital assets. You should carefully consider whether trading or holding Digital assets is suitable for you in light of your financial condition. Your digital account does not support wallet to wallet transferring of your digital assets (i.e. cryptocurrencies) outside the platform. Any Digital Assets in your digital asset account are not insured by any government entities, including but not limited to FDIC or SIPC. The Invstr Visa® Debit Card is issued by Vast Bank, N.A. pursuant to a license from Visa U.S.A Inc and may be used everywhere Visa debit cards are accepted. Invstr Ltd, Invstr Financial LLC and Invstr Securities Ltd are subsidiaries of Marketspringpad Holdings (collectively “Invstr”) and Invstr is solely responsible for the application services and website content.

Watchlists provided when users first access the service are not a recommendation to invest. Instead they are provided to help users better navigate the service. Users are free to edit and create their own watchlists. From time to time, Invstr will suggest instruments solely based on an individual’s interest and the interest levels of the Invstr community. The statistical and portfolio builder models generated by Invstr do not reflect actual investment results and are not guarantees of future results. Comments provided by Invstr leaders, influencers or members of the Invstr Community are not recommendations and should not be construed as such. Invstr does not endorse the content or the positions posted by them. Their investment approach, and that of the models provided by Invstr, may be different from yours and may not be appropriate for you.