Meme stocks are a hot topic among traders today after Reddit and subreddit r/WallStreetBets recently won a battle in court.
This battle came about as Jaime Rogozinski, founder of the r/WallStreetBets subreddit, sought damages connected to his ousting from the Reddit forum. A judge decided against his claim and also rejected his attempt to trademark the WallStreetBets name.
Rogozinski founded WallStreetBets in 2012 before being removed from the subreddit in April 2020. He claims that Reddit did so “as a pretext to keep him from controlling […] ‘a famous brand that helped Reddit rise to a $10 billion valuation.'”
The ruling against Rogozinski was handed down in a 15-page document from U.S. District Judge Maxine Chesney. Rogozinski can still try to amend his complaint. His lawyer says Rogozinski is “committed to vindicating his rights.”
What This Means for Meme Stocks
Many major meme stocks have experienced their respective rises thanks to the community at r/WallStreetBets. With this latest court ruling, the subreddit will continue to operate as normal. That means current meme stocks, as well as new ones, will likely continue to get support from members.
The r/WallStreetBets subreddit first rose in popularity during the Covid-19 pandemic when GameStop (NYSE:GME) went through its meme rally. Members of the subreddit have also been supporters of AMC Entertainment (NYSE:AMC), Palantir (NYSE:PLTR) and other names.
Investors looking for other stock market news on Wednesday are going to want to stick around!
We’ve got all of the latest stock market stories that traders need to know about on Wednesday! Among that is what’s moving shares of AMC stock, the latest news concerning ZIM Integrated Shipping (NYSE:ZIM) stock, as well as what’s going on with Carvana (NYSE:CVNA) stock. All of that news is ready to go below!
More Wednesday Stock Market News
- AMC Stock Alert: Is AMC Really Worth Just 50 Cents?
- ZIM Stock Alert: What to Know as ZIM Integrated Shipping Lowers Guidance
- CVNA Stock Pops as JMP Boosts Carvana Price Target
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
