Snoop Dogg was so eager to quit FaZe Clan's board that he may have dumped around 214K shares to do it
Things are going from bad to worse for FaZe Clan, the esports and lifestyle brand that bellyflopped onto the Nasdaq(opens in new tab) with a public listing in July last year. Dexerto(opens in new tab) reports that the company has lost one of its most famous backers: weed evangelist and hip hop artist Snoop Dogg, who resigned from its board of directors on March 29, which was revealed in an SEC filing(opens in new tab) by the company yesterday.
«On March 29, 2023, Calvin „Snoop Dogg“ Broadus, Jr. notified FaZe Holdings Inc. … that he is resigning from the Board of Directors,» read the filing, but noted that the resignation «was not the result of any disagreement with the Company or any of its subsidiaries». So at least they're still friends.
Snoop and FaZe only revealed that the rapper would join the company's board(opens in new tab) in March 2022, meaning his tenure has only lasted about a year.
It's another in a long series of blows for FaZe Clan, whose stock dumped a quarter of its value on the first day of its public listing last year. In a letter to shareholders(opens in new tab) last week, the company touted Snoop's participation in FaZe as one of its «Talent Highlights» and «2022 + 2023 Year-to-Date Accomplishments». That letter was released the day after Snoop told FaZe he'd be departing its board of directors.
FaZe's SEC filing doesn't detail why Snoop has elected to abandon his seat on the board, but it's not hard to figure out. The company has seen multiple executive resignations in the past year, and its fortunes haven't recovered since its initial public listing. It recorded a loss of $168.5 million in the 2022 financial year, if you include a «one-time accounting charge of $115.3 million». It lost $55.3
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