Snoop Dogg Resigns from FaZe Clan Board, Leaves with $53,184 Amid Company’s Struggles and Decreasing Stock Value

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. 

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.

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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.

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