The American eSports organization, FaZe Clan, has been in the headlines for all the wrong reasons recently. From pay-related grievances from creators to complaints about unfair power distribution among the higher-ups, FaZe has been going through a tough time. Now even the celebrity member, Snoop Dogg, has also left the ship. 

On March 30, 2023, the FaZe Clan filed its 2022 Q4 financial results. In the legal statement, some interesting insights about the company’s finance were revealed. Among them, it was made apparent to the public that rapper Snoop Dogg has left his role as a member of the company’s Board of Directors. 

Snoop Dogg leaves FaZe Clan “effective immediately”

Snoop Dogg joined FaZe’s Board of Directors only a year ago. It isn’t clear what his contributions to the company were, but on March 30, Snoop officially gave his “effective immediately” resignation from the position. According to the SEC filing of the Company, his departure wasn’t because of “any disagreement with the company or any of its subsidiaries.”

During his appointment, the 51-year-old rapper was paid almost $2 million in company stock. According to inside reports, his son and manager had also given a sum of stock. These stocks were supposed to take one year to be vested. However, as the stocks of the company have fallen significantly, it is believed that ‘FaZe Snoop’ didn’t receive the promised amount. 

Trending

Martin Truex Jr’s Crew Chief Makes Heartbreaking 4-Word Racing Admission

May 04, 2024 04:11 PM EDT

Fresh Controversy Brews After Sha’Carri Richardson and Team USA ‘Outfit’ Fallout As Athlete Robbed of Paris Olympics Dream Over Sponsorship

May 01, 2024 04:27 PM EDT

Shaquille O’Neal and TNT Co-Hosts to Part Ways After 13 Years? Analyzing “Inside the NBA” Hurdles That Might End an Era

May 04, 2024 02:30 PM EDT

‘I Was Already Salty’- Serena Williams Pokes Husband Alexis Ohanian Over His $180 Million Master-Stroke for Their Daughter Olympia

May 03, 2024 08:01 PM EDT

Billionaire Michael Jordan’s Drink With Derek Jeter Was Enough for Yankees Legend to Invest in $11.69 Billion Worth Industry

May 03, 2024 01:00 PM EDT

Get instantly notified of the hottest stories via Google! Click on Follow Us and Tap the Blue Star.

Follow Us

Back in 2022, in a letter to shareholders, FaZe Clan had mentioned Snoop Dogg’s onboarding as an “accomplishment” for the company, under the talent highlights. Snoop Dogg also represented his association with the clan by wearing a FaZe Clan gold chain during the 2022 Super Bowl halftime show.

“Completely Fu**king Worthless” – MoistCr1TiKaL Criticizes Faze Clan’s Financial Strategy of Hiring Snoop Dog and LeBron James’ Son

There haven’t been any official statements about why he decided to leave the company. But according to a reputed internet reporter and drama journalist, Jake Lucky, this may work in the favor of the clan. Lucky said, “My take is this is actually good for FaZe, Snoop was way overpaid for what he offered back to FaZe Clan and celebrity figures offer so little back for Orgs right now.”

However, the Nasdaq notice may also be playing a part in this new development. According to this deficiency notice, FaZe has 180 days in 2023 to regain its compliance. This means it must maintain a share price over $1 for 10 consecutive business days. FaZe could already be seen cutting costs by laying off employees, and the celebrity singer may also have been “too expensive” for the company to afford. 

According to Sportico, due to the fall in the stock value, Snoop’s payment for seven months of service as a board member may have been close to $53,184.

WATCH THIS STORY: Biggest Steamers Who Left Twitch and Switched to YouTube