The American rapper and entrepreneur Snoop Dogg has abandoned the FaZe Clan Board of DirectorsThe North American eSports organization has announced in a statement to the SEC. It has taken effect immediately, which means that it is no longer associated with the company in any way.
On March 29, 2023, Calvin ‘Snoop Dogg’ Broadus, Jr. notified FaZe Holdings Inc. that he is resigning from the company’s Board of Directors effective immediately. Mr. Broadus’ resignation was not the result of any disagreement with the company or any of its subsidiaries.
Snoop Dogg joined FaZe Clan for the first time as content creator and board member just over a year ago. At the time, the organization was about to go public, and a partnership with the rapper seemed like a good fit for both parties.
He has been very active during his time at FaZe. He created content with the company and worked on different outreach programs, plus, before officially joining, he wore a necklace with the organization’s logo during his halftime performance at the Super Bowl.
However, this 2023 has presented big changes. FaZe Clan’s stock has fallen significantly since the company first went public in the summer of 2022 and following the announcement of layoffs of 20% of its workforce.
In addition, FaZe Clan is in trouble since NASDAQ has announced the possibility of delisting its shares from the exchange if their value does not remain above $1 for at least 10 consecutive days. The exchange has given FaZe 180 days to comply by the end of March, and the stock price is now hovering around $0.50.