Taking inspiration from these early warnings as well as evidence from previous literature, we introduce a model of opinion dynamics where user engagement can trigger a self-reinforcing mechanism leading to the emergence of consensus, which in this particular case is associated to the success of the short squeeze operation.
In this work we characterise the structure and time evolution of Reddit conversation data, showing that the occurrence and sentiment of GME-related comments (representing how much users are engaged with GME) increased significantly much before the short squeeze actually took place. As such, it represents a paramount example of collective coordination action on social media, resulting in large-scale consensus formation and significant market impact. Additionally, Rogozinski seeks a court order that bars Reddit from “any and all use” of the trademark “unless and until” the company reinstates him “as the senior-most moderator of the r/WallStreetBets subreddit.The short squeeze of GameStop (GME) shares in mid-January 2021 has been primarily orchestrated by retail investors of the Reddit r/wallstreetbets community.
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The lawsuit hopes to establish that Rogozinski is the owner of the WSB trademark, and seeks an order reinstating him to his former role as subreddit moderator. Reddit would go on to later file four trademark applications of its own to register “WallStreetBets.” In late March 2020, Rogozinski’s complaint says he filed an application with the United States Patent and Trademark Office (USPTO) to secure the use of “WallStreetBets” for commercial use. Of the seven other claims for which the founder seeks damages-which total at least $1 million, according to Reuters -Rogozinski also claimed Reddit infringed on a federally registered trademark. “On Reddit, just about everyone, including aspiring pornographers and scam artists, can find a place, everyone that is except Mr. “Reddit’s justification was a pretext-people use Reddit to market and sell everything from investment advice to bodily fluids,” Rogozinski’s complaint states. Reddit’s justification for ousting Rogozinski as a moderator centered on claims that the founder violated company policy by “attempting to monetize a community.” Rogozinski had established an esports trading competition and promoted a book on WSB titled “WallStreetBets: How Boomers Made the World’s Biggest Casino for Millennials.” The move constituted a “breach of contract was intentional and willful,” according to Rogozinski’s filed complaint. Reddit has also catered to the WSB community by releasing custom avatars, such as one with “diamond hands,” a tie emblazoned with a rocket, and sporting the logo’s yellow hair.īut long before droves of WSB onlookers piled into meme stocks and established figures like Keith Gill as icons in a battle to pin Wall Street on the losing side of trades, Rogozinski was removed as a moderator of the community by Reddit. The subreddit hasn’t always been kind to posts about cryptocurrencies, limiting crypto discussions to a single thread, but its managers launched a cyrpto-specific subreddit in the fall of 2021. It was the epicenter of the so-called meme stock frenzy, which saw GameStop and AMC soar amid a historic short squeeze. The subreddit ballooned in popularity amid COVID lockdowns as people spent more time at home, and-buoyed financially by pandemic relief programs-delved into online stock trading, often using platforms with zero commission fees like Robinhood.
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