Snoop Dogg jumps overboard as Faze Clan circles the drain
Faze Clan, which for the past year has been an unstoppable cultural force for the genre of guys who want to play video games and own Lambos, is in trouble. As we have reported The clan’s decision to go public was a disasterwith their shares now virtually worthless, but as bad as things were last month, they’re only going to get worse this week.
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Last year, Faze’s star seemed to shine brightest when Snoop Dogg took the stage with the clan’s gold chain around his neck during the 2022 Super Bowl halftime show. The veteran rapper was persuaded to lend his name to Faze’s marketing efforts after they offered him a seat on their company’s board of directors, $1.9 million in stock, and then another $248,000 in stock for his son, and “Businesses controlled by his spouse and manager“.
Now with Faze”effectively a penny stick‘ it looks darker. With those shares now worthless, Snoop Dogg has left the company, an SEC filing earlier today showed. As Dexerto report he resigned “effective immediately” on March 29.
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As well as being a PR hit, Snoop’s departure poses some logistical challenges for Faze’s marketing, which in addition to losing over $50 million for the year is now also having to scale back its social media presence. As this excellent forbes piece from the year 2022was one of Faze’s main marketing strategies to aggregate the number of social media followers of all its members — and celebrity signatures — into a single number. For example, last year they claimed a “total reach” of 526 million people, but nearly 200 million of that number came from celebrities like Snoop, whose 20.9 million Twitter followers, 80.1 million Instagram followers, and 26 million TikTok subscribers now have will be removed from Faze’s calculations (which were inflated anyway as they count the total number of subscribers/followers and don’t allow one person to follow them across multiple platforms).
At the time of posting Snoop and his extensive following on social media was still listed as a member of Faze Clan on the group’s website.
https://kotaku.com/snoop-dogg-faze-clan-bail-leave-quit-ipo-public-shares-1850301217 Snoop Dogg jumps overboard as Faze Clan circles the drain