Snoop Dogg exits FaZe Clan
As first reported by Declan Mclaughlin of Dexerto, FaZe Clan has seen one of their premier public faces depart the organization just after one year with the company. Rapper, influencer, and media personality Calvin Broadus Jr., aka Snoop Dogg, stepped down from their board of directors on March 29th. Snoop Dogg's departure from the struggling esports and lifestyle company comes just a year after he joined the board of directors in March 2022 ahead of FaZe Clan's special purpose acquisition company (SPAC).
As a result of the SPAC, FaZe Clan were publicly listed on the NASDAQ with a record-breaking $725 million valuation. Ahead of the SPAC, as a condition of joining the organization, Snoop Dogg was given 320,000 shares of FaZe stock, which was worth around $3.9 million at the time.
Doing some back-of-the-napkin math based on FaZe's current stock price (~$0.49 at the time of writing), Snoop Dogg's shares before leaving the board were worth $156,800, losing around 93% value in just a year. It is unknown if the decline in stock price has prompted Snoop Dogg to leave the company, which he proudly promoted during the Super Bowl LVI halftime show donning a gold FaZe Clan chain.
According to Brendan Coffey of Sportico almost all of Snoop Dogg's shares vest over 23 months and he will depart the organization with less than 320,000 shares. It's concerning for confidence in FaZe's stock that the entertainer chose to make a voluntary exit with the knowledge that the majority of his shares are not vested until June 2024.
As there are some shares that might vest thanks to certain price targets, it's possible that some did thanks to the stock's rise to a height of $24.69 per share in 2022. With that, as well as other shares vesting monthly, the rapper likely left the organization with 106,000 shares of FaZe stock. As Coffey reports, that means that Snoop Dogg likely earned only $53,184 from his time with FaZe.
