FaZe Clan stock falls nearly 30% after going public on stock market
Popular esports outfit and content creator collective FaZe Clan is now a publicly traded company via a whopping $725 million SPAC merger with B Riley Principal 150 Merger Corp.
However, shortly after going public on the stock market through the Nasdaq stock exchange, the group's value suffered a drastic fall of 30%. Unsurprisingly, this elicited a plethora of reactions from viewers around the globe.
FaZe is one of the most in-demand esports organizations that dates way back to 2010. What originated as a small group of gaming buddies playing Call of Duty, has blossomed into a full-fledged professional organization, featuring some of the greatest talents in the esports landscape.
Over the course of 12 years, Faze Clan has managed to attract quite a few high-profile investors and has established grand partnerships with notable brands.
Now, after such imposing success in the esports industry, with the goal of expanding its presence, FaZe Clan recently went public as a traded company and became one of the very first esports outfits to hit the stock market.
However, years of efforts to become a triumphant trading company have not come without bumps. As of July 20, 2022, their stocks were down over 30%, trading at $9.30, after debuting at $13.07.
With the current state of the IPO market being a bit slow, multiple prominent companies have been canceling IPOs left and right. As per the official records from the Stock analysis, the 2022 IPOs are on track to take a massive hit of over 83% year-to-year, mainly due to market volatility.
As expected, the announcement took the fans by surprise. Highlighting the massive drop, several viewers chimed in and provided their opinions on stock market trends. Sharing a wide spectrum of reactions,
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