Why Reddit, Inc. (RDDT) Skyrocketed Today
We recently published a list of . In this article, we are going to take a look at where Reddit, Inc. (NYSE:RDDT) stands against other Wednesday's best-performing stocks.
Reddit grew its share prices by 6.68 percent on Wednesday to end at $118.21 apiece following news that it sued an Artificial Intelligence company for scraping its data without its permission.
In a copy of the lawsuit posted on its website, Reddit, Inc. (NYSE:RDDT) claimed that AI firm Anthropic was training its Claude chatbot on its data since December 2021.
A close up of two hands creating a social media post on Bumble Inc. app.
According to Reddit, Inc. (NYSE:RDDT), filing a lawsuit was its final option to force Anthropic to stop its alleged unlawful practices.
'We will not tolerate profit-seeking entities like Anthropic commercially exploiting Reddit content for billions of dollars without any return for redditors or respect for their privacy,' the company said in a statement.
'A.I. companies should not be allowed to scrape information and content from people without clear limitations on how they can use that data.'
Anthropic has yet to issue a statement on the allegations.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
Disclosure: None. This article is originally published at Insider Monkey.
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