I Know many of you in here are probably well aware of Wall Street Bets. If you've been with us for a while, you kind of know that the whole Eight movement really started with the subreddit Wall Street Bets WSB and particularly a character known as roaring Kitty Uh, Keith Gill He's kind of the guy who really got a lot of this going and kind of showing like hey man I like GameStop I think it's undervalued and then it became this whole cultural phenomena which led to many other things in those stories. Obviously there's interesting Side Stories and we kind of got a wild one just recently foreign. Wall Street Bets founder Suez Reddit Jamie is the guy who originally started Wall Street Bets way back when he hasn't been involved in it for a while and it's getting into a situation where Wall Street Bets is now actually being sued by the OG founder.

Wall Street Vet's founder is suing the site where it all began Jaime filed a lawsuit against Reddit He is accusing the social media platform of breaching contract by ousting him from his role as a Wall Street Bets moderator in 2020 and infringing on his rights to trademark the Wall Street Bets brand among other complaints. I felt this was personal and I felt betrayed. A Reddit spokeswoman called Jamie's lawsuit completely frivolous and said his claims had no basis in reality. Kind of harsh.

Jaime was removed as a moderator of WSB by Reddit and banned by the community moderators for attempting to enrich himself. This lawsuit is another are transparent attempt to enrich himself. It's telling that he is filing the suit three years after he was banned from Wall Street bets and long after the community Rose to mainstream popularity without his involvement will respond directly in court and continue to protect the best interests of the community and moderators on our platform Now I Don't want to come across like I'm some sort of expert on all the nuances of this story because I'm not. but give this a full read on Wall Street Journal because it kind of does have the vibe that after his departure Wall Street Bets became absurdly popular.

It was already pretty popular, but it became absurdly popular and now he's just seemingly trying to make some money off of it. Jaime Created Wall Street Bets back in 2012 when he found himself bored by the sober analysis that dominated discussion boards like Vogel heads and turned off by the hedge fund personalities featured on cable news. His goal was to find a more Brash colorful place to talk trading. Wall Street Bets Aim that he could break down the merits of contributing to the 401K plans.

It would essentially gamble to have fun doing so. Big wins would be celebrated. big losses would be as well. At the start of 2020 Jaime published a book on how many Millennials had come to treat the stock market almost as if it were a casino.

He included anecdotes drawn from his time on Wall Street bets and he posted links to his books on Amazon listing it in the Wall Street bets. Forum So that's the part where people are like you're making money off of this that they obviously didn't like. He also announced that Wall Street Bets would host a live trading competition that would be sponsored by a firm called True Trading Group post promoting the championship, many of which have since been deleted also appeared on the Forum. It was also around this time that his relationship with Reddit soured.

According to a person close to Reddit, some Wall Street Bets users balk that Jamie's Ventures seeing them as self-promoting others accused him of being a sellout. Jaime said he was very open about selling his book and promoting the competition. Reddit Notified Jamie in April of 2020 that his account had been suspended because he was attempting to monetize a community. The site added that its policy prohibits moderators from entering agreements with third parties on behalf of the subreddit.

According to Reddit, a week later, it restored Jamie's account, but permanently removed him as a moderator for violating those policies. The remaining moderators on Wall Street bets went a step further and ban Jaime from ever participating on the Forum If you read through this, in my opinion, it has the vibe that this guy Jamie the guy who created it seems like he wants to make money Doesn't seem like he's really closely intertwined with the current Community with the current culture of the community. It kind of has the vibe that it's just like a money making opportunity and he wants to be able to own the copyright on the brand so he could probably I mean there was rumors of a movie we're talking about books and all of that stuff. So it does have the vibe of a money making opportunity.

Who knows there's a chance that maybe Jaime comes back out and presents more side of his story maybe with evidence I Don't know. I'm just saying the way the Wall Street Journal article currently frames it, it's not the best look, it doesn't really show Jamie in the best life I Do implore you to all read it I'll make sure it's linked below. but I want your thoughts Wall Street Bets founder Sue's Reddit that's kind of crazy Wall Street Bets is a massively popular subreddit on Reddit so it's like big for the company. It sounds like it's going to court based on what Reddit says based on this article doesn't look too good for Jaime but we'll see how it all plays out.

Obviously there's gonna be the legal Court there's going to be the public court of Opinion. so I would love to get your thoughts.