American rapper and entrepreneur Snoop Dogg (Calvin Broadus Jr.), has left FaZe Clan’s Board of Directors, the North American esports organisation noted in an SEC filing.
The move comes into effect immediately, meaning that Snoop will no longer be associated with the company in any way.
Snoop Dogg first joined FaZe Clan as a content creator and a board member just over a year ago, in March 2022. At the time, FaZe was on the verge of going public, and a partnership with Snoop Dogg seemed like a good fit for both parties. Snoop Dogg credited his son, Cordell Broadus, as the main facilitator of the deal at the time, which included introducing Snoop to FaZe Clan.
However, much has changed in 2023. FaZe Clan stock dropped significantly since the company first went public in the summer of 2022 and the company announced layoffs in early 2022. Moreover, the esports organisation recorded a significant overall loss in its 2022 financial statement.
FaZe Clan said the following regarding Snoop’s departure: “On March 29th, 2023, Calvin ‘Snoop Dogg’ Broadus, Jr. notified FaZe Holdings Inc. that he is resigning from the Board of Directors of the company effective immediately. Mr. Broadus’s resignation was not the result of any disagreement with the Company or any of its subsidiaries.”
Snoop Dogg was relatively active during his time at FaZe. He created content with the company and worked on different outreach programmes. Prior to officially joining the company, he notably wore a FaZe Clan logo necklace during his Super Bowl Half Time Show performance.
FaZe Clan is in deep water since NASDAQ announced the possibility of delisting its stock if its value does not stay above $1 for at least 10 consecutive days. The stock exchange has given FaZe 180 days to comply in late March, and the stock price is now hovering around $0.50.