Why Reddit, Inc. (RDDT) Skyrocketed Today

We recently published a list of These 10 Stocks Are On Fire Right Now. 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.

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.

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Disclosure: None. This article is originally published at Insider Monkey.