Faze Clan, which until last year seemed like an unstoppable cultural force for the genre of men who play video games and aspire to own Lambos, has a problem. As we reported, The family’s decision to go public was a disasterwhose stock is virtually worthless now, was just as bad as last month, and it’s worse this week.
Last year, the Faze star seemed to shine brightest when Snoop Dogg took the stage at the 2022 Super Bowl halftime show with the family’s gold chain around his neck. The veteran rapper is sure to lend his name to Faze’s marketing efforts after joining Faze’s board of directors, offering $1.9 million in stock, plus $248,000 in stock to his son. I was.a company controlled by his spouse and his manager”.
Now, in Phase.”de facto penny stock’, things look darker. Snoop Dogg left the company because those shares were worthless, his SEC filings revealed today. As Dexert report He resigned “virtually immediately” on March 29.
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Snoop’s departure isn’t just a PR hit, it poses a logistical challenge to Faze’s marketing. Not only does Faze have to deal with losses of more than $50 million a year, it also has to curtail its social media bragging. as this excellence forbes Works from the 2022 recallone of Faze’s main marketing strategies is Combine all members social media followers and celebrity signatures into one number. For example, last year they claimed a “total reach” of 526 million people, but nearly 200 million of that number came from celebrity signatures like Snoop, and Snoop’s 20.9 million Twitter followers. Currently has followers, 80.1 million Instagram followers and 26 million TikTok subscribers. It is removed from Faze’s calculations (which counts total subscribers/followers and doesn’t allow one person to follow them on multiple platforms, so it bloated anyway).
As of Snoop and his massive social media following, was still listed as a member of the Faze clan on the group’s website.
