The FaZe Clan esports organization has announced the surprising news that celebrity Snoop Dogg will no longer be part of the company’s board of directors.
It was quite surprising for all FaZe Clan fans that Snoop Dogg abruptly stepped down after only a year on the organization’s board.
Although for many people, when talking about esports, the name of a celebrity may not come to mind, Snoop Dogg is no stranger to video games. The rapper has taken it upon himself to make numerous broadcasts on Twitch that fans of esports and the rapper have highly appreciated. In addition, these broadcasts have led to countless funny scenarios shared on the internet.
Snoop Dogg leaves FaZe Clan
According to information revealed by FaZe Holdings Inc., rapper Snoop Dogg has tendered his resignation in a ruling to the United States Securities and Exchange Commission. Additionally, it has been announced that the rapper immediately resigned from FaZe Clan, effective March 29.
Both Snoop Dogg and FaZe have withheld the details of his resignation, although the statement shows no hostility between the two parties. However, rumors have not taken long to appear and comment that the rapper’s departure could be due to the financial crisis that the organization is currently experiencing.
Snoop Dogg leaves Faze Clan's Board of Directors, this comes after Faze Clan's stock crashed by over 90% pic.twitter.com/mhCn5816mL
— Esportscenter (@_esportscenter) April 5, 2023
Financial crisis
The economic crisis in esports has knocked at the door of some of the largest organizations. However, FaZe Clan is currently in quite a strong position, and what may happen to the organization is unknown.
During the summer of last year, FaZe Clan went public on the stock market, reaching a peak price per share of $20. However, prices have been crumbling over the days, and each share is below a dollar. As a result, Nasdaq has issued a notice to the organization giving it a deadline to meet the minimum requirements to continue trading on the exchange.
With the departure of Snoop Dogg from the organization, we must remember that when the rapper was appointed to the board of directors of FaZe, he would receive a considerable number of shares.
With the resignation of Snoop Dogg from the FaZe Clan board of directors, some people may be very concerned about the organization’s future. The organization may exit the stock market and return to being a private company. First, however, we must wait to see how FaZe Clan deals with the problems it is going through.
On the other hand, the rapper’s fans should not worry too much. Although Snoop Dogg is likely to remain attached to esports, it has been rumored that the rapper might join Warzone for some time now. On the other hand, he also appeared in COD Mobile during the Christmas vacations. Some fans have even emulated the rapper in video games without his consent.