Well, that sure ain’t a G thang. Snoop Dogg has resigned from FaZe Clan “effective immediately” after $50,000 of the esports brands stock plummeted.
The iconic rapper announced his position amongst FaZe clan’s board of directors during last year’s Superbowl and took on the alias of FaZe Snoop. His duties were largely related to launching new merchandise and participating in “key business initiatives”. In return, Snoop was granted 320,000 shares of FaZe stock after a substantial acquisition in July.
The stock was initially valued at $3.9 million and quickly rose to $7.4 million over the summer thanks to an initial period of hype and buzz surrounding Snoop’s involvement with the group. Since then revenue has decreased substantially. As it currently stands, FaZe Clans is a penny stock which means that its stock is now valued at under a dollar after the company went public.
Due to the recent hardships faced by the groups, it seems that the rapper is considerably out of pocket. A filing by the SEC suggests that because the shares awarded to Snoop all vest over 23 months between July 2022 and June 2024, he’ll leave with a lot less than 320,000 shares. In fact, his final payday for his seven months of service as a member of the board amounts to $53,184.
The official filing provided by Dexerto notes that Snoop Dogg’s resignation was “not the result of any disagreement with the company or its subsidiaries.” The rapper was introduced to FaZe Clan through his son, Cordell Broadus, who was a fan of the group. Snoops’ departure is another significant blow to the brand who is sure to face more hard times in the year ahead.
Was Snoop right to resign from FaZe Clan?
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