ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / NEWS

Wake-up Call For Creators: Reddit Wins the WallStreetBets Trademark Battle Against the Subreddit’s Founder

The court determined that when Reddit user Jaime Rogozinski created the subreddit in 2012, it counted as Reddit's first use of it.
PUBLISHED JAN 28, 2024
Cover Image Source: Creators might not own or have control over the things they have created on platforms like Reddit (representational image) | Photo by Pixabay| Pexels
Cover Image Source: Creators might not own or have control over the things they have created on platforms like Reddit (representational image) | Photo by Pixabay| Pexels

The legal tussle over who owns WallStreetBets, the platform that sparked the whole meme stock craze in 2021, raised a pretty big question about social media and who gets to own the trademarks that get popular online. The court had to figure out if the trademark belonged to the platform itself or the person who created the online community that made the mark famous.

Now, in the case of the founder of r/WallStreetBets, a guy named Jaime Rogozinski, who took Reddit to court, the judge said Reddit gets to keep the rights to the trademark. This is because Reddit was the first one to use those marks. Now, why does this matter? Well, it matters because people are making money off their brands on social media and this court decision could be a bit of a warning. Creators might not own or have control over the things they have created, especially on platforms like Reddit. Reddit doesn't just host content; it creates these unique communities, each with its name and brand.

Image source: Photo by Anna Nekrashevich | pEXELS
Founder of r/WallStreetBets, a guy named Jaime Rogozinski, took Reddit to court (representational image) | Pexels | Photo by Anna Nekrashevich 

Over the past few years, many people interested in investing have been hanging out on this subreddit called WallStreetBets. It has over 13 million subscribers. It even got a bit of fame when it was featured in a show called Dumb Money for playing a big role in the GameStop and AMC Networks situation against big Wall Street players.

So, here's what went down: Rogozinski, who started the subreddit back in 2012, sued Reddit after they kicked him out as a moderator. Why? Well, he was trying to make money off the community by promoting his book and an esports competition, which wasn't allowed by Reddit's rules. But Rogozinski argued that the real reason he got the boot was because he filed a trademark application in 2020 to officially own WallStreetBets. He thought Reddit was trying to own all these popular subreddits to support its IPO (basically, when a company goes public and starts selling shares to the public).

The court didn't buy it. The judge said Reddit claimed ownership of WallStreetBets when Rogozinski first created the subreddit in 2012.

Now, why does this matter even more? Well, Rogozinski argued that even if Reddit started using the trademark, he should still be the big-shot owner in the "cryptocurrency-related goods and services" market. But the court said, "Nope." There wasn't enough proof that Reddit was using the mark in a way that mattered.

Image Source: Photo by Anna Nekrashevich| Pexels
Reddit logo | Pexels | Photo by Anna Nekrashevich

There were also some other legal claims Rogozinski made like violations of state law such as the right of publicity, breach of contract, and unfair competition. But the court said these claims are a no-go because of a law called section 230 of the Communications Decency Act. This law shields platforms like Reddit from being held responsible for what users post on their sites.

Now, Rogozinski also tried a different angle, saying he wouldn't have spent over eight years building up his audience on Reddit if he knew they could take it away at any time. But the judge said, "Sorry, just because you say you wouldn't have spent that much time doesn't cut it."

Neither Reddit nor Rogozinski gave any comments on the whole situation. The court said Reddit owns the trademark for WallStreetBets, and this could be a heads-up for other creators on social media about how they might not have as much control as they think.

MORE ON MARKET REALIST
The Shark jumped back in to the deal as he thought his wife would love the product.
7 hours ago
The guest who bought the item at a charity store had no idea that it was over 3,000 years old.
12 hours ago
When the rare coin showed up on Harrison's table, he had to take his old man's approval for the deal.
1 day ago
Fans said that such behavior was unnecessary and slammed the antics as self-congratulatory.
1 day ago
Several customers took to social media to complain about spoilt milk that they purchased from the store.
1 day ago
Despite the massive appraisal, the brothers shared that they would never sell their collection.
1 day ago
Harrison is often impressed by suits belonging to legendary musicians or actors.
1 day ago
The founder of 'Permaplug' had done his research on the Sharks to help make a decision.
2 days ago
When the item turned out to quite a valuable artifact, Harrison refused to let it go.
2 days ago
The Sharks formed teams and ditched their partners to get a deal with "The Woobles".
2 days ago
With a tiny margin of four steps, the player won prizes worth $8,000 after a tense game.
3 days ago
The recall was issued amid reports of multiple deaths and over a dozen illnesses across 13 states.
3 days ago
The player celebrated her way to the stage and then got more than one reason to celebrate.
3 days ago
The investment turned out to fruitful as 'Simple Sugars' went on to make millions.
4 days ago
The long time host of the show expressed his love for the cast members of the show.
4 days ago
Fans took to Reddit to blast both the Bonus Round puzzle and Seacrest's mistake.
5 days ago
In the end, the founders of Turbo Trusser couldn't 'chicken out' of a deal with Chef Wonderful.
5 days ago
The entrepreneurs impressed all sharks with their chocolate flavored birthday treats.
6 days ago
The pristine collection of 'Magic Trading Cards' blew away the expert too.
6 days ago
The player's team members and Harvey kept laughing uncontrollably.
6 days ago