“My vision for WSB is not a massive pump group, but a massively empowered group which collectively strengthens the foundation of Wall Street,” he said.

Sounds nice, but a movie that ends with its protagonist first getting fired as r/WSB’s moderator for shilling his book and then kicked off the boards entirely by his successors—who gloat, in spite of everything, that the community has “become incredibly more vibrant and more intelligent” since its founder was ousted—only to then watch it rise, however briefly, to fame and prominence and influence, doesn’t really sing. So Rogozinski is taking a page from The Social Network and trying to write a more heroic ending.

Mr. Rogozinski is accusing the social-media platform of breaching contract by ousting him from his role as a WallStreetBets moderator in 2020 and infringing on his right to trademark the WallStreetBets brand, among other complaints.

“I felt this was personal, and I felt betrayed,” Mr. Rogozinski said in an interview with The Wall Street Journal.

Well, there’s your tag line.

WallStreetBets Founder Sues Reddit [WSJ]

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Of course, that’s just the notional and ultimately imaginary average hedge fund. Other real-world hedge funds had a rather different experience, like this one we all remember so well from the first quarter.

Melvin Capital, the hedge fund at the center of the GameStop trading frenzy, lost 49% on its investments during the first three months of 2021, a person familiar with the matter said on Friday.

The fund, founded by Gabe Plotkin, lost 7% in March, the source added, speaking on condition of anonymity…. Melvin Capital ended January with a 53% loss on its investments in January, the person said.

So, are those who brought Plotkin & co. so low feeling magnanimous in victory? Well, as you might expect, not quite.

“51% to go!” posted one user on r/WallStreetBets in response to Melvin’s reported losses.

Meanwhile, another hedge fund that failed to manage even average performance for the first quarter won’t be seeing another.

Harvard-backed TPRV Capital is shutting down its hedge fund after investors pulled their cash…. TPRV’s fund lost 2.8% in 2020, and was about flat in the first two months of this year…. The firm is considering its next steps, which could include raising capital or joining a larger platform firm, Toscani said.

Dan Loeb, however, is here to balance things out, having beaten the average hedge fund with an 11% gain in the first three months of 2021. And while he doesn’t think much of the degenerates who kneecapped Melvin, the two share at least one interest.

Outed as a #hodlr https://t.co/fXRVBUYAdW

— Daniel S. Loeb (@DanielSLoeb1) April 9, 2021

Hedge fund Melvin Capital lost 49% on its investments in Q1 -source [Reuters]
‘51% to go’: Reddit crowd rejoices at report that Melvin Capital rang up a 49% first-quarter loss [MarketWatch]
Harvard-Backed TPRV to Unwind Hedge Fund, Return Outside Cash [Bloomberg]
Hedge funds post best first-quarter return since 2000 [P&I]